German consumers have admitted to having cut back on spending in the face of inflation, according to a new poll, with 52% saying they have narrowed their shopping list down to the essentials
MOSCOW (Pakistan Point News / Sputnik - 26th November, 2022) German consumers have admitted to having cut back on spending in the face of inflation, according to a new poll, with 52% saying they have narrowed their shopping list down to the essentials.
The survey of 10,000 consumers conducted by market research group NielsenIQ ahead of the Christmas shopping season found that 44% of Germans had given up on luxury and pleasure shopping.
A further 31% said they stopped eating out in favor of cooking their own meals, while some 30% said they were shopping less altogether. Only 10% said the price hike had no effect on their shopping habits.
NielsenIQ expert Lothar Staiblin said consumers were resorting to cost-saving strategies more, hunting for discounts and comparing prices to make sure they got the best offer. Some said they were going for cheaper options like choosing margarine over butter and tap water over bottled mineral water.
