Admin l Monday, 28 November 2022
BERLIN – Dramatically rising prices are causing people in Germany to tighten their belts and change their consumer habits in multiple ways.
According to a survey by market research company NielsenIQ over half of consumers (52%) only buy products that they really need, based on the survey of more than 10,000 people.
About 44% said they were doing without products “that are fun or luxury items,” 31% were trying to cut down on restaurant visits and eating instead at home.
Around 30% of respondents agreed with the statement: “I shop less.”
“People are also deploying many other savings strategies. They compare prices more, pay more attention to special offers, switch to cheaper products such as own label products or buy from discounters more often,” NielsenIQ expert Lothar Staiblin said.
Many consumers are also changing their consumption habits, for example replacing butter with margarine and mineral water with tap water.
According to the survey, only about 10% of the population are not worried at all about inflation – mainly high-income earners.
