Wednesday, July 17, 2024

Inflation nightmare

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The rapid rise in prices in almost all walks of life worries the citizens of Germany more than anything else, and not even the war in Ukraine or the corona pandemic.

A survey conducted by the management consulting company “McKinsey” and its results were published today Monday, 48% of more than a thousand participants in mid-June said that their biggest concern was inflation, a significant increase compared to last April. (40%). “Consumer concerns about further price hikes are increasing,” said Marcus Jacobs, an expert at McKinsey.

On the other hand, fear of war in Ukraine has decreased in recent months, with 34% of Germans saying an invasion of Ukraine was their biggest concern last April, down from 24% in the last poll.

Even though the number of infections is currently high, less than 4% cited the corona virus as their biggest concern.

According to the survey, high prices are already having a significant impact on the daily lives of many citizens. “The majority – 73% – have already changed their shopping behavior in order to save,” Jacob said.

This shift in consumer behavior is to buy products from retail chains instead of expensive branded products, and to shop at discount food stores instead of supermarkets or specialty stores, “and the trend is accelerating,” Jacob said.

According to the survey, Germans are currently paying more for gasoline and food while reducing their spending on clothes, shoes, furniture and electronics. And 59% of those surveyed said they are now considering reducing their energy consumption indoors.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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