The financial crisis and its negative impact on consumer behavior seems to be largely over, at least for the German citizen, if you believe the current study of a large German online bank, in which 2000 German citizens over 14 years to their plans for the next year were surveyed. The study certainly brings some interesting results to light.
After all, 54 percent of German consumers plan in the near future, a larger purchase, of which every second would be willing to realize this purchase with the help of a loan. The life on the pump or the use of any kind of credit seems to have a high degree of acceptance among the citizens, even if compared to a similar study carried out in spring 2015, the trend in this context is rather negative. For example, fewer German citizens currently plan larger purchases than in the spring and have a slightly lower budget overall.
Significantly less savings than reserve available
It is undisputed that consumer behavior is often also a question of the available money and it is exactly here that German citizens like to go beyond the personally given financial framework. After all, around 54 percent of the participants in the representative survey say they would like to spend more money than the actual financial scope allows. However, it is not surprising that only 14 percent are able to make planned expenses without any financial restrictions.
To make the whole thing more tangible: Around 25 percent of German citizens have less than 625 euros in reserves for unexpected expenses available. One in ten does not even have any savings to fall back on in an emergency. Yet another third of consumers have between 625 and 2,500 euros in reserve. The bridging of any financial bottlenecks can therefore often not be bridged from their own resources and thus compels in many cases to take out a loan or loan.
Consumers are open to credit
So once the financial emergency occurs, many consumers are in the situation of having to take out a loan due to not or at least insufficient reserves. But who now assumes that this circumstance gives the Germans about a certain discomfort, which is here, based on the results of the study, better taught. The willingness to finance an acquisition at least partially with the help of an installment loan is immensely high at 48 percent. This willingness is given especially in the 22- to 34-year-olds.