One in two German households are struggling with food prices

By: Trademagazin editor Date: 2024. 11. 06. 09:10

Rising food prices hit hard more than half of the German population – especially low-income households – in 2023. According to a representative survey by TeamBank, two out of three Germans have already used some form of financing.

According to the survey, 52 per cent of respondents felt that the increase in food prices meant the heaviest burden, followed by electricity (35 per cent) and heating costs (32 per cent). Households with a net income of less than €2,000 per month are particularly affected: 60 per cent of respondents in this group said food prices press them the most, while 40 per cent complained about the costs of electricity.

The study found that high inflation has left 30 per cent of Germans with less disposable income per month than a year ago. For households with an income of between €1,000 and €2,000, the figure is 41 per cent. 73 per cent of Germans have already used some form of financing to afford certain things despite financial difficulties. The most popular solution is the „buy now, pay later” option (38 per cent), followed by overdrafts (29 per cent) and payment in instalments and loans for major purchases (28-28 per cent).

The majority of respondents are responsible in their use of finance: 56 per cent use it only in exceptional cases. However, 30 per cent are worried that they may not be able to meet their liabilities during loan term, as against 38 per cent of those having an income between €1000 and €2000.

Lebensmittelpraxis