Rising prices force Germans to change shopping habits – survey — RT Business News

Nearly half of respondents avoid ‘fun and luxury’ products, according to a market research group

A growing number of Germans are being forced to cut spending due to inflation and soaring energy costs, according to a survey by consumer behavior and market research group NielsenIQ.

The results indicate that 52% of German consumers buy only basic necessities, while around 30% said they buy less overall.

Around 44% said they are now avoiding the products”that are fun and luxurious,” and one in three are trying to cut down on restaurant visits, opting instead for cooking at home. Only 10% of respondents said price increases had no effect on their shopping habits, and those responses came mostly from people with higher salaries.

The survey was conducted among 10,000 consumers.

It’s telling that more and more people seem to wonder what they can do without and actually do.said NielsenIQ expert Lothar Steiblin, commenting on the survey results.

He noted that consumers are more often resorting to cost-cutting strategies, such as comparing prices and looking for special offers, as well as switching to cheaper products and buying more frequently from discounters. Some respondents said they had started to completely change their shopping preferences, buying margarine instead of butter, using tap water instead of bottled mineral water and even going without deodorants.

The longer the crisis lasts, the more people take advantage of opportunities to save,said Saiblin.

Stock up on bottled water and canned goods, official tells Germans

Germany’s annual inflation rate jumped to 10.4% in October, hitting a new all-time high, according to data from the Federal Statistical Office (Destatis) released earlier this month. Prices were mainly driven by higher energy costs, which jumped 43% year-on-year, and are expected to rise further through the winter.

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