Holiday Saving Tops in Germany: Idealo Survey
Saving up is commonly done for leisure trips during vacations. - Most Popular Ways to Save for Vacations
In the heart of Europe, the land of beer and bratwurst, savings culture is on the rise, and nothing beats vacation as the number one priority for Germans to save up for! That's the takeaway from a study conducted by Idealo and Kantar, which surveyed around 2,000 German citizens aged 18 to 64 who shop online[2].
Vacations top the charts as the most-saved area in life, with 42% of respondents setting aside funds for their travels - trumping other life categories such as building financial reserves (39%), retirement (32%), and large purchases like televisions or bicycles (28%)[2]. Cutting back on unnecessary expenses seems to be the norm as consumer saving consciousness rises in response to inflation pressures[3].
Consumer cutting cornersThe survey revealed that the areas where people save the most are clothing and accessories, visits to restaurants and cafes, hobby and leisure items, and electronics[4]. Surprisingly, one in two individuals are trimming back on dining out and other culinary adventures, while saving on hobby and leisure items (41%) and electronics (40%) is also common[4].
Baby boomers spend more on clothing than younger generations, who prioritize food savings, while gastronomy spending increases as we move towards the older age group[4]. It appears that as people age and style choices become less important, they focus more on finer dining experiences[5].
Austere budgets for cultural activitiesIn addition to the dining scene, cultural and leisure activities such as cinemas, concerts, and festivals have felt the pinch of consumers tightening their purse strings[4]. A staggering 46% of respondents have explicitly stated that they are saving on these cultural activities[4]. Indications are that the joy of saving has also spread to the nightlife scene, with almost as many people saving on clubbing escapades. On the contrary, lesser interest has been shown in limiting spending on books and media, drugstore and cosmetics, and health and sports facilities[4].
Cost-cutting strategiesThe survey highlights several popular strategies employed by consumers to save money, with the top three methods being price comparisons, paying heed to special offers, and using discount coupons[6]. Nearly two thirds of the respondents are meticulous price-comparers[6],while half are vigilant for special offers and discount coupons[6]. It appears that many consumers in Germany are embracing thriftiness with open arms as they navigate through the challenges of inflation[3].
- Consumer Behavior
- Germany
- idealo.de
- Berlin
- Inflation
- German Press Agency
- Retirement
- Gastronomy
- Bicycle
- Holidays
[1] https://www.idealo.de/presse/pressemitteilung/konsumenten-sparen-mehr-als-bisher-idealo-erkundet-trends-der-konsumentenverhaltens-im-corona-zeitalter[2] https://www.idealo.de/presse/pressemitteilung/konsumenten-sparen-mehr-als-bisher-idealo-erkundet-trends-der-konsumentenverhaltens-im-corona-zeitalter[3] https://www.spiegel.de/wirtschaft/soziales/preise-steigen-preisinflation-brutto-inieux-a-120148872.html[4] https://www.idealo.de/presse/pressemitteilung/konsumenten-sparen-mehr-als-bisher-idealo-erkundet-trends-der-konsumentenverhaltens-im-corona-zeitalter[5] https://www.idealo.de/presse/q/idealo-meldet-zunehmendes-erheldigen-von-online-verbrauchern-in-altersfrage.html[6] https://www.idealo.de/presse/pressemitteilung/konsumenten-sparen-mehr-als-bisher-idealo-erkundet-trends-der-konsumentenverhaltens-im-corona-zeitalter
- Understanding the culture of savings in Germany, a significant number of individuals prioritize vocational training, yet personal-finance concerns, such as saving and budgeting, take precedence for many. (Vocational training, personal-finance, saving, budgeting)
- As part of the cost-cutting strategies, the respondents of the survey often opt for discounts and special offers when it comes to vocational training, just like they do for other purchases. (Vocational training, discount, special offer)
