With a view to the winter, Germans are saving more money than they have in a long time: the consumers' propensity to save has increased "by leaps and bounds", announced the market research company GfK in Nuremberg on Friday.
The value reached its highest level since July 2011. Accordingly, less money is available for consumption.
The propensity to save determined by GfK increased by 17.6 points to 3.5 points, as the company announced.
A higher value was last measured in July 2011 with 7.1 points.
“The sudden increase in the propensity to save this month means that the consumer climate is continuing its steep descent.
It has once again reached a new record low,” said GfK consumer expert Rolf Bürkl.
The corresponding index will fall from minus 30.9 points in August to probably minus 36.5 points in September.
"The fear of significantly higher energy costs in the coming months is forcing many households to take precautions and put money aside for future energy bills," explained Bürkl.
In return, fewer financial resources would be available for other consumption.
The propensity to buy fell for the seventh month in a row and reached its lowest level since the times of the financial and economic crisis in October 2008. Many households would have to forgo one or the other purchase or postpone it to the future, explained GfK.
Bürkl warned that the situation could get worse in the coming weeks and months "if the supply of fuels, especially gas, is insufficient in the upcoming heating season".
This would lead to a further increase in prices and drive up heating bills.
For its representative studies on the consumer climate, GfK conducts monthly interviews with consumers about their economic expectations, their income expectations and their propensity to buy.
For the current survey, from April 4th to 15th
Around 2,000 people were interviewed in August.
Consumption is considered an important pillar of economic development in Germany.