The IWH study: travel bans and Lockdowns are forcing consumers to save

Due to the collapse of travel and closed shops in the Corona pandemic, people in Europe have put in place during the crisis as much money as never before on the

The IWH study: travel bans and Lockdowns are forcing consumers to save

Due to the collapse of travel and closed shops in the Corona pandemic, people in Europe have put in place during the crisis as much money as never before on the high edge. Scientists see the reasons especially in the lack of opportunities, the money during the lock downs, as from an analysis of the Leibniz-Institute for economic research Halle (IWH) shows. Concrete Figures of the savings of the consumer in the first Lockdown, it is not, but yet, said a spokeswoman for the IWH on Monday.

The scientists assume that fancy travel, closed Restaurants, cinemas and shops rates, the savings of consumers. The fear of job loss or the fear of a Corona-infection influenced the savers, according to analysis less. The fear of consumer tax increases, according to a historic rise in public debt was low.

in the savings rate to a record-high

In Germany, the savings rate, according to the Federal Statistical office, 2020 to the record high of 16.3 per cent, climbed to 10.9 percent in the year 2019. Of 100 Euro disposable income, households thus laid on average 16 euros on the high edge. Against this Background, Economists everywhere that the private consumption attracts after the end of the lock downs are strong.

The consumers and their consumption expenditure in Germany, more than 51 percent of the economic output, making a significant contribution to the economy. In the past year, the economy had collapsed as a power in Germany by 5.0 percent compared to the previous year, the deeper the recession was only during the global financial crisis in 2009, when the economy contracted by 5.7 percent.

In your sample analysis, the researchers have included details of all Euro area countries, with more than a Million inhabitants. The observed period extended from January 2019 to August 2020, and thus the first Lockdown.

Updated Date: 01 February 2021, 23:19

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