The propensity to save in Germany is rising sharply, income expectations are falling

Given the economic situation, people in Germany are currently increasingly inclined to save. This emerges from the latest study by the market research institutes NIM and GfK on the consumer climate. The institutes announced as a result of their monthly survey that the propensity to save has risen sharply, while income expectations have fallen significantly at the same time. The willingness to spend more has also decreased slightly.

Income expectations reached their lowest level since April. “The majority of households expect that high energy prices will reduce their purchasing power,” said NIM consumer expert Rolf Bürkl. "As a result, they are more skeptical about future income prospects for the next twelve months."

The propensity to save skyrocketed again and reached a level that has not been measured since the financial crisis of 2008. “The high energy prices are fueling uncertainty among consumers and are ensuring that they currently consider it advisable to save in view of the general economic situation,” analyze the consumer researchers.

This article will continue to be updated.