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Survey: Inflation is the biggest concern of people in Germany

2022-05-16T05:56:08.267Z

Corona pandemic, war in Ukraine, climate change: the stress level in society has been at its limit for years. What Germans fear most, however, is the loss of prosperity caused by inflation.



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Shop window in Berlin: Two thirds fear further price increases

Photo: Monika Skolimowska / dpa

The rapidly rising prices in almost all areas of life are currently causing people in Germany more concern than anything else.

Even the war in Ukraine and the corona pandemic are behind it.

This is the result of a representative survey by the management consultancy McKinsey published on Monday.

Around 40 percent of the more than 1,000 respondents stated that their biggest concern is currently inflation.

34 percent of those surveyed named the invasion of Ukraine, only 8 percent the Covid 19 pandemic.

Almost a third of those surveyed (29 percent) fear that they will have to restrict their own lifestyle due to the price increase.

The fear of inflation is particularly pronounced among people with low incomes.

Two thirds of those surveyed assume that prices will continue to rise over the next 12 months.

»Two years of Corona have left their mark.

But inflation and the invasion of Ukraine are making people more pessimistic than ever,” McKinsey expert Marcus Jacob summarized the results of the survey.

People feel the higher prices and see that there is less in their wallets at the end of the month.

High earners also cut back.

According to the survey, two-thirds of those surveyed have recently spent more money on groceries, 61 percent more on petrol and transport costs, as well as on energy.

The result: almost every third person has reduced their consumption in other areas.

Savings are primarily made on expenses for cosmetics, clothing, entertainment and travel.

"In particular, industries that were already badly affected by the pandemic are also affected by the new austerity," reported McKinsey expert Simon Land.

People restricted themselves in areas for which they actually wanted to spend more money once the pandemic subsided – such as visiting restaurants, staying in hotels and events.

According to the survey, almost two thirds of consumers have already started to change their shopping behavior in view of the rising prices: for example by switching to cheaper private labels or shopping at discounters more often.

More than half of those surveyed indicated that they were paying more attention to energy consumption at home.

mik/dpa-AFX

Source: spiegel

All business articles on 2022-05-16

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