The seasonal cheer on display at Christmas markets around the country disguises deep unease—among shopkeepers and their clients alike
Save time by listening to our audio articles as you multitaskThat cheer, also on display at Christmas markets around Germany, disguises deep unease—among shopkeepers and their clients alike. Only around a quarter of 400 retailers surveyed by Handelsverband Deutschland , the retail association, are happy with the Christmas shopping season so far. Retail sales in October were a bad omen, plunging by 5% compared with last year, a bigger drop than expected.
This will offer Germans some respite. But many still fear a recession, which Germany looks poised to enter.is likely to contract this quarter and next, says Andrew Kenningham of Capital Economics, another research firm. That will make consumers think twice before opening their wallets. So will inflation, which stood at 10% in November, and higher interest rates, which are increasing the cost of servicing household debts.
The downturn is forecast to be relatively mild, in particular if the winter isn’t too harsh. But next winter could bring more woe, warns Olaf Roik of. No Russian gas will have reached Germany via pipelines . Shoppers will have used up savings accumulated during the pandemic. And even with generous government assistance, energy bills could be much higher than in the past. It may be a while before German shopkeepers feel festive again.
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