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The record low for the consumer climate in Germany is having an impact on the demand for wines. As the German Trade Association (HDE) announced in the Consumption Monitor, one third of the consumers surveyed want to buy less wines and spirits in the near future or even do without them completely. According to the survey, the product groups specialities and delicacies as well as wine and spirits are most affected by the complete renunciation of purchases. In contrast, more than 40 percent of consumers do not want to change their buying behaviour.
The poor mood is confirmed by the survey institute GfK in its current study on the consumer climate. In June 2022, the consumer climate reached a new all-time low since the survey was first conducted for Germany as a whole in 1991. Due to the Ukraine war and inflation, the risk of recession remains high from the consumer's point of view. According to the HDE, there is also a discrepancy between perceived and actual price increases. This difference is currently 21 percent on average. The perceived price increases, depending on the product group surveyed, even amount to up to 33 percent. In the case of wine and spirits, they are 26 percent - whereby the real prices in April 2022 were effectively 3.8 percent higher than in April 2019. The HDE also attributes the much higher perceived price increases to the many reports in the media.
Of 900 people surveyed, 29 per cent said they would cut back on restaurant visits in the future and 26 per cent on holidays and excursions. 56 percent do not want to reduce their spending on products, services and leisure activities.
(al / Source: HDE, GfK; Photo: 123rf)
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