Majority of consumers expect the economic situation in Germany to deteriorate further in 2024
The majority of consumers expect the economic situation in Germany to deteriorate further this year. According to a study by management consultants EY, 54% of respondents expect the situation to deteriorate and only 15% expect it to improve. 31 percent expect the situation to remain the same. A year ago, however, the proportion of pessimists was still 65%.
There were no changes in the assessment of their own financial and economic situation compared to the previous year: Once again, 25% of respondents rated their situation positively and 23% negatively - 52% saw themselves in the middle. However, satisfaction remained at a low level; only at the time of the financial crisis in 2008 were there fewer optimists (24%).
"For many people in Germany, crisis mode is becoming the new normal," explained EY Germany CEO Henrik Ahlers. According to the results, only half of people (49%) are generally optimistic about the future - at the end of 2019, shortly before the outbreak of the coronavirus pandemic, this figure was still at 75%. The large number of serious crises in recent years "has left its mark", explained Ahlers.
At the same time, perceived job security has increased: a total of 89% consider their job to be very secure (52%) or somewhat secure (37%). A year ago, 40 percent rated their job as very secure and 45 percent as somewhat secure.
For the study, 1006 adult consumers in Germany were surveyed in November.
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- Despite the increase in perceived job security, the majority of consumers in Germany still anticipate the economic situation to continue deteriorating in 2024, as indicated by a study conducted by management consultants EY.
- The deterioration of the economic situation in Germany cannot be solely attributed to job insecurity, as the study reveals that a significant majority of consumers expect further decline, despite a rise in perceived job security.
- With 54% of consumers expecting economic deterioration in 2024, Germany's position as a stable economic powerhouse may be at risk, as the majority of consumers are not optimistic about the upcoming year, according to the EY study.
Source: www.ntv.de
