Berlin (dpa) – Many consumers in Germany are still holding back on spending out of scepticism over the future development of the economy, the HDE trade association said on Monday.
“Many rather build up a financial buffer, to be prepared for possible financially strained situations in the course of the year,” the association noted.
Private consumption is thus not expected to provide much momentum to the overall economy in the coming months.
The association’s consumption barometer had dropped to 99.18 points in January, its lowest point in at least two years. It stagnated in February.
The index reflects consumer expectations for the next three months and is based on a survey of around 2,000 people.