Germans Save Money On Christmas Presents Due To High Inflation - Reports

Muhammad Irfan Published December 06, 2022 | 12:20 AM

BERLIN (UrduPoint News / Sputnik - 06th December, 2022) Many Germans are planning on saving money on Christmas gifts this year due to high inflation, Deutsche Presse-Agentur reported on Monday citing a survey by Ernst & Young (EY).

According to the news agency, the survey was conducted by the consulting firm in November among more than 1,000 households in Germany.

Many consumers are now mainly concerned with making ends meet and are not in the mood to give gifts, EY retail expert Michael Renz said, as cited by DPA.

The expert clarified that households with an annual net income below 25,000 ($26,000) suffered the most. This group's spending on Christmas gifts is expected to drop by 24% to 120 euros. This is the biggest fall since the start of the survey in 2008.

According to the survey, the average budget for Christmas gifts in Germany this year is 252 euros, which is 21 Euros less than in 2021. This is the lowest figure since 2014, according to the media.