People save when they eat, not travel | Free press

High inflation has changed the purchasing behavior of many people. More attention is paid to the cent. But this is not true of all areas.

Nuremberg.

High inflation significantly changed the publishing behavior of the inhabitants of Germany. Consumers tighten their belts on everyday items such as groceries and personal care products, the research firm GfK said on Thursday. As for travel, we will not make any savings this summer. When it comes to textiles, cheaper products are preferred.

“The effects of inflation are particularly pronounced in everyday products such as groceries or personal care products,” market researchers explain. Overall, the area saw a large drop in volume in the months January through May. Purchased by 8.2 percent. less meat and sausage products, by 8.5 percent. less fresh fruit and vegetables and 7 percent. less bread.

Special offers are bought more often

But it’s not just buying less. Special offers or the manufacturer’s own brands are also used more often. The share of private labels in total sales increased by 34.6% in the first quarter. For 36 percent people, price is now the most important criterion when making a purchasing decision.

According to GfK, while sales of everyday products fell sharply, the travel industry was developing in the opposite direction. After more than two years of the crown pandemic, consumers have a lot of catching up to do. Data on bookings of private holiday trips in the current summer season are comparable to the last year before the 2019 pandemic, and in some cases even exceeded it.

Textile discounters are doing well

There was also a garment backlog during the pandemic. At the moment, fashion buyers are apparently deliberately trying to avoid inflation. The average price paid was slightly lower than in May 2019. According to market researchers, there are two strategies behind this: consumers buy cheaper products in specialized stores or switch to other sales channels with lower prices. Textile discounters enjoyed double-digit sales growth. (dpa)

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