Despite a weakening economy in Germany, Germans are much more optimistic about the future than most other Europeans. Only the Danes are even more optimistic about the coming twelve months. This is the result of a survey by the market research company Nielsen.
Nielsen has been regularly consulting consumers in 64 countries for 14 years on their expectations for the future, and then determines their consumer confidence index. In the latest ranking, Germany improved from sixth to second place among European nations - ahead of the Czech Republic and the Netherlands.
Saving plays a minor role for German consumers
"The Germans are optimistic about the new year 2020. While consumer sentiment has been somewhat subdued in recent months, an upward trend is now beginning to reappear", says Nielsen manager Jens Ohlig, summarizing the result of the survey.
Around 59 percent of consumers in Germany rated their own financial situation as good or very good in the coming twelve months. By comparison, across Europe, only 46 percent of respondents did so. A little bit cloud the storm clouds on the economic horizon and the impending Brexit, however, the mood of the Germans.
Although 62 percent of those surveyed rated their job situation as good or very good over the next twelve months. That was well above the European average of 39 percent. However, even three months ago, even 65 percent of the German respondents had a positive assessment of their job prospects.
If the Germans still have money to cover the cost of living, they still prefer to spend it on new clothes or on vacation. According to the Nielsen study, saving plays a much smaller role in Germany than in most other European countries. (Read more here, what happens when saving is not worthwhile anymore)