BERLIN (dpa-AFX) - Holidays are particularly important to people in Germany. According to a survey, 42 percent save money to travel - more than for any other area of life. This is the result of a study by the price comparison portal Idealo, which was made available to the German Press Agency in advance. To this end, around 2,000 people between the ages of 18 and 64 who shop online were surveyed in May by the market research company Kantar.
According to the survey, consumers also often save to build up their financial reserves (39 percent), for retirement (32 percent), or for major purchases such as televisions or bicycles (28 percent). One in six would like to put something aside but say they are unable to do so. Almost two-thirds are worried that they will not be able to make ends meet. Forty-two percent had to dip into their savings last year.
Older people tend to save on clothing, younger people on food
In times of rising prices, many consumers are still not spending freely. According to the survey, people are saving particularly on clothing and accessories, as well as on restaurant and café visits. One in two says they are cutting back in these areas. Many are also holding back on other consumer goods. Hobby and leisure items such as tennis rackets and yoga mats (41 percent) and electronics (40 percent) are also frequently mentioned.
There are differences between the generations. Baby boomers, i.e. people over 60, save more often on clothing purchases than younger people of Generation Z (between 18 and 30). The latter are holding back on food, while baby boomers are more likely to cut back on eating out.
For young people, fashion is an important expression of their personality and individuality, says Idealo CEO Mark Dekan. "That's probably why they tend to save less in this area. They also tend to go out more often and explore new restaurants. These expenses are probably saved elsewhere."
Thriftiness hits movie theaters
In addition to restaurants, other cultural and leisure activities such as movies, concerts, and festivals are also heavily affected by the poor consumer sentiment. According to their own statements, 46 percent of those surveyed are saving in these areas, and almost as many are cutting back on clubbing and nightlife. Books and media, drugstore and cosmetic products, and health and sports activities such as gym memberships and yoga classes are mentioned less frequently.
According to Idealo, consumers are using different ways to reduce their spending. The most common is comparing prices from different providers, with 64 percent saying they do this. Many say they are paying more attention to special offers (56 percent) or using discount coupons (46 percent)./cr/DP/mis
