Germans are expecting another year of squeezed budgets. Brands that support them in improving their financial and emotional resilience, for example with insurance cover for everyday essentials or social initiatives to strengthen the sense of togetherness, will stand out.
Stay ahead of the curve and future-proof your business with Mintel’s German Economic Outlook in 2024. Our full report is packed with consumer-led market intelligence, market trends, and consumer behaviours affecting your industry. Get a 360° view of German consumers and the economic outlook to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Ongoing price hikes in essential categories led to reduced discretionary spending, contributing to Germany’s economic slowdown in 2023. As wages are rising, 70% of German consumers expect high inflation rates to slowly level off over the next year. Yet, consumer sentiment and financial confidence remain fragile.
Consequently, 64% of Germans think that the high cost of living will continue to affect their budget in 2024. Mintel’s analysis of the German economic outlook shows that concerns about being able to cover day-to-day expenses remain high, especially among financially worse-off consumers, and affordability remains a key priority for many.
To learn how to connect with your audience, purchase our German Economic Outlook 2024 in full. Reveal lucrative innovation opportunities to help your business grow during times of financial uncertainty.
Brands: Lidl, Tafel, Edeka, eye55, Warsteiner, Telekom Deutschland, SaveStrike, Zara, Tchibo, hessnatur, LONGTIME, Freeyou, Praxis, Bosch, Carrefour, Saga, Aldi, Rewe, This Place, L’Oréal, edding, Tesla, Bath & Body Works, Adidas, and many more.
Products: Meals out, holiday spending, socialising with friends, fashion, TV subscriptions, premium food for eating at home, beauty/grooming services, live entertainment, charity donations, gym/health club subscriptions, premium beauty/grooming subscriptions, and many more.
This report, written by Dr. Jennifer Hendricks, Senior Analyst, delivers in-depth commentary and analysis to highlight market trends in Germany and add expert context to the numbers.
Germans are expecting another year of squeezed budgets. Brands that support them in improving their financial and emotional resilience, for example with insurance cover for everyday essentials or social initiatives to strengthen the sense of togetherness, will stand out.
Dr. Jennifer Hendricks
Senior Analyst – Consumer Lifestyles, Germany
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