Umfrage: Besserverdiener schieben offenbar größere Anschaffungen auf

A recent survey conducted by the Nürnberger Institut für Marktentscheidungen (NIM) reveals that higher-income households in Germany are delaying major purchases and instead opting to save more money. The consumer mood index for October has dropped by 3.8 points to minus 30.6, while the 25 percent of households with the highest incomes show the most pessimistic outlook, with their consumer mood index falling by 13.8 points to minus 38.0.

In contrast, consumer sentiment among lower-income households remains relatively stable. According to NIM researcher Anja Bauer, "If wealthier households defer larger purchases and instead save more, this could significantly hinder the consumer recovery." This trend is particularly concerning as the upper income half of the population accounts for approximately 68 percent of all consumer spending in Germany.

Moreover, the inclination towards spending remains stagnant or decreases in this group, while the inclination towards saving increases. Bauer further notes that this decline is not just a short-term blip but has been ongoing since the start of the Iran war. The data also indicates that among the highest-income households, not only does their inclination towards purchases decline, but their expectations for their own income are also falling.

In contrast, lower-income groups show an increase in saving behavior, while their willingness to make purchases largely remains unchanged. The survey, which encompassed around 2,000 consumers, was conducted between early and mid-September. Economic growth in the first half of the year exceeded initial expectations, prompting research institutes to revise their growth forecasts for this year and the next upward.

Gross domestic product (GDP) growth is now projected to be 1.3 percent for 2026 and 1.1 percent for 2027. However, private consumption is still not at full throttle.