The increase in the propensity to save has a major impact on the consumer climate

In the current economic climate, some are more cautious when it comes to spending. This is often not even voluntary, but simply necessary: ​​if some of the daily use goods experience price increases of 50% or more, then there is less budget left for other purchases. And what’s left is perhaps best set aside if you need to absorb further price increases. According to GfK, this is very noticeable in Germany: there is a sharp increase in the propensity to save, which is detrimental to the consumer climate.

After all, the situation seems stable at a low level in August: the economic and income outlook shows minimal growth, while the propensity to buy only has to accept slight losses. However, the propensity to save has increased by leaps and bounds. For this reason, GfK forecasts -36.5 points for consumer sentiment for September 2022, down 5.6 points from August this year (revised -30.9). Germans’ propensity to save increased by 17.6 points in August, climbing to 3.5 points. According to market research, this is the highest value for more than eleven years.

According to GfK, many households save money because they fear rising energy costs and don’t want to get stuck. Logically, the other purchases are then left aside. This situation is expected to worsen in the coming weeks and months with the start of the heating season. In Germany, the risk of recession remains high as the end of Russia’s war of aggression in Ukraine is currently not in sight.

Many companies are currently worried about the evolution of energy prices. Especially since it is feared that the industry will not have enough energy available in winter. And supply chains still haven’t recovered from the Corona crisis. If there were then production restrictions, a recession could hardly be avoided.

Private customers, in turn, will likely have to spend more money on food and energy in the winter of 2022, so there will likely be a reluctance to make further purchases. I also notice it in myself and try to save as much as possible, because the current situation gets on my nerves quickly. Of course, you can hardly influence it as an individual and you should try to accept it, but some worries accompany you throughout the day. How are you there?

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