Bundesbank: German retail sales have already fallen by 8 percent!

By: Trademagazin Date: 2022. 08. 26. 16:13

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Bundesbank expects inflation to exceed ten percent by autumn. Inflation is mainly driven by energy costs, heating oil cost 87 percent more in July than a year ago. In the meantime, however, food prices also rose by 14.8 percent.

People are trying to save money on eating out

According to their latest research, 78 percent of those surveyed are worried that there will be an energy shortage in Germany, and 77 percent fear a further deterioration of the economic situation. The fear of many is that the situation in Ukraine will turn into a global war.

“85 percent of Germans are afraid of rising prices and the deterioration of their standard of living. The consequences of high inflation are clear in terms of consumption and savings, as evidenced by the sales data of the retail sector, which recently fell by more than eight percent”

– he says – said Henriette Peucker, vice-president of the German Banking Association, to the Westfalenpost.

According to the survey, 21 percent of those surveyed save on vacations, 14 percent on leisure activities, 14 percent on restaurant visits, and 13 percent on clothes shopping, but they also spend less in the store.

Westfalenpost