Consumption expenditure by private households rose by 1.9 percent in 2015, adjusted for price increases – the highest level since 15 years.
The Germans have apparently rediscovered the fun of spending money. Measured in actual prices, private consumption rose by as much as 2.6 percent in 2015. This is evident from current figures of the Federal Statistical Office .
Low unemployment and low interest rates create a buying mood
There are several reasons for the increase in private consumption. The historically low interest rates allow consumers cheap loans. Perhaps one or the other German has decided in the face of the good financing possibilities in 2015 to finally fulfill a long-cherished wish, for example a new car.
In addition, many Germans had more money available in the past year than before, because they have found their way out of unemployment. The number of persons in employment rose in 2015 to a record high of over 43 million. In addition, the relatively low inflation in 2015 of 0.3 percent: Since the cost of living rose only minimally, many Germans remained spending more money.
Above all, the low oil price made sure that many had more money in their pockets or in the account, as the expenses for refueling and heating sank.
Pub and holiday: The Germans are having a good time
In total, private consumption in 2015 amounted to 1.63 trillion euros. By nature, a significant proportion of expenditure is on housing, water, electricity, gas and other fuels. Overall, however, spending increased only by 1.1 percent – thank the oil price. In many cases, so more money for the finer things in life remained – for example, a good meal in the restaurant, a nice evening in the pub or maybe even a little break from time to time.
With a plus of six percent, the biggest increase was spent on accommodation and catering. Instead of getting annoyed about the low interest on the savings, the Germans seemed to prefer to go well.
And those who are not restaurant or pub runners, apparently made in their own home for comfort and comfort: For furnishings and home appliances, the Germans spend in 2015 3.4 percent more money than the year before.
The buying mood of the Germans seems to get even more impetus in the current year. This is suggested by a recent representative study by CreditPlus Bank . According to the twice-yearly CreditPlus Consumer Index, in early 2016, 60 percent of respondents planned to spend more on a vehicle, furniture, expensive electrical appliances, or travel over the next three months.
Half a year earlier, in the fall of 2015, this was only 55 percent. Every third person even planned several major purchases. In particular, the desire to travel has evidently grown. 28 percent wanted to spend at least 1,250 euros for a trip in the coming months. Half a year earlier, the value was still significantly lower at 21 percent. Also, the number of those who plan to furnish their home with new furniture has risen – from 35 to 38 percent.
A year ago, however, at 41 percent, it was still a lot more who wanted to invest in their interior design. It is possible that some respondents have now put their intentions into action and are therefore planning no further furniture purchases.
The allegedly favorite child of the Germans, the car, is also still in high demand: 16 percent planned to buy a vehicle in the coming months at the beginning of the year. And many of them have a solid – and not exactly cheap – idea of their future vehicle. For 65 percent of potential car buyers, it must definitely be a new car, every second plans to spend more than 12,500 euros for his next car.