Unveiling German's Current Saving Priorities: A Closer Look
Inquiry: Predicted Savings Priorities among Germans in 2025 - Year 2025 in Review: Germany's Most Cost-Efficient Period
Brace yourself for an informative dive into the savings habits of the German populace! Here's the lowdown on what they're currently stashing their hard-earned cash for, revealed in a recent study by Idealo and Kantar.
Take a wild guess what's at the top of the list? You got it! Vacation and travel still reign supreme, with a whopping 42% of respondents ready to set sail, hit the road, or take flight for their next adventure. The rest of the savings goals pale in comparison.
Now, you might be tempted to think about savings for retirement or larger purchases, like TVs or bicycles, but they trail behind vacation at 32% and 28% respectively. Surprisingly, a sixth of folks say they'd like to save but simply can't find a way to do so. Almost two-thirds express concern about making ends meet with their cash. 42% dipped into their savings reserves last year.
So, how's the wallet holding up in times of climbing prices? According to the survey, the most savings are concentrated in the realms of clothing and accessories, as well as restaurants and cafés. Nearly half expect to rein in their spending in these areas. folks are being belt-tightening when it comes to other consumer goods too, with hobby and leisure items like tennis rackets or yoga mats, and electronics being deemed expendable by 41% and 40% respectively.
Older folks save more on threads
As generations intertwine, wallet habits differ. The older generation, baby boomers (60+), are more likely to curb spending when buying clothes than younger folks in Generation Z. The latter, however, pare back on groceries, while the wise old boomers save more on dining out.
According to Idealo CEO Mark Dekan, younger folks tend to view fashion as a reflection of their personality and individuality. "That's probably why they're more frugal in that department," he postulates. "They're likely also out and about more, so dining expenses may be shifted elsewhere."
Cultural activities feeling the pinch
It's not just dining that's taking the hit. Cultural and leisure activities, such as cinema, concerts, and festivals, are also grappling with the zeitgeist of frugality. Almost half of respondents are saving here, while 46% are curbing their clubbing and nightlife expenditures. Less often mentioned are books and media, drugstore and cosmetics, health and sports facilities like fitness studios or yoga courses.
So, how're Germans managing their finances? Idealo uncovers that bargain-hunting is the most popular strategy, with 64% of respondents using price comparisons. A considerable 56% pay more attention to special offers, and 46% make use of coupons to shave dollars off their purchases.
Note: The representative survey was conducted in May of this year with 2006 people aged 18 to 64 in Germany. The survey was carried out by market research company Kantar.
Keywords:
- Saving priorities
- Germany
- Holidays and travel
- Home improvements
- Emergency funds
- Bargain-hunting
- Fashion and dining
- Cultural activities
- Generation Z
- Baby boomers
- Price comparisons
- Special offers
- Coupons
- In light of the savings priorities revealed in Germany, one might find it surprising that vocational training, a crucial personal-finance investment, isn't commonly enumerated, as it only accounts for 16% of the savings goals, trailing behind travel, retirement, and larger purchases.
- The study on Germany's savings habits also sheds light on differences among generations, with baby boomers (60+) showing a preference for saving on clothing and accessories, whereas Generation Z is more inclined to save on groceries, reflecting their distinct value systems and spending habits.
