In December, people in Germany’s intention to save reached its highest level since the financial and economic crisis of 2008. This was shared by the market research company GfK and the Nuremberg Institute for Market Decisions (NIM). They cited fears of inflation and discussions about the future of pension insurance as reasons for the increase in the so-called propensity to save.
Overall, consumer sentiment at the end of the year was “disappointing,” said NIM consumer expert Rolf Bürkl. The consumer climate indicator determined by GfK and NIM fell by 3.4 points to minus 26.9 points. At the same time, the propensity to save rose by five points to 18.7 points. A higher value of 21.4 points was last measured in June 2008. “This is not positive news for the final spurt in this year’s Christmas business and at the same time can be seen as a false start for consumer sentiment in 2026,” said Bürkl.
In addition, they are Income Expectations of consumers decreased. Bürkl also cited rising fears of inflation as a possible reason here. As income expectations fell, the tendency to make larger purchases also declined. Analyzes showed that the purchasing power perceived by consumers is particularly crucial for consumer behavior.
Economic expectations remain stable
However, consumers’ general economic expectations remained relatively stable in December. The corresponding indicator was slightly positive compared to the previous year. According to GfK and NIM, this indicated that Germans expected a moderate economic recovery in the coming year.
For the survey, the institutes surveyed around 2,000 people from December 4th to 15th. The consumer climate is considered an important indicator of this Consumer behavior and thus for economic development in Germany.
