Analysis: German stimulus fails to turn anxious savers into big spenders

A man tries out a rowing machine in a showroom of U.S. gym equipment manufacturer WaterRower in Munich, Germany, November 26, 2020. REUTERS/Andreas Gebert

“Even if I wanted to spend more on the things that I like such as travelling and going out, I simply can’t right now due to the lockdown,” said Berliner Philipp von Bremen, 42, who worked reduced hours in the film industry during the pandemic.The German subsidiary of U.S. gym equipment manufacturer WaterRower is among companies that did not cut prices, instead adding giveaways such as free cleaning packs to purchasers of its home rowing machines.

And although job protection schemes and other measures have helped stabilise disposable incomes, private consumption remains below pre-crisis levels. Sebastian Dullien, head of the Macroeconomic Policy Institute , estimates that since the pandemic started consumers have put aside roughly 70 billion euros more than they did in the same period last year.

Since the stimulus package was announced, registrations of electric and hybrid cars have climbed from month to month, even while Germany’s overall car market has been shrinking. In October, they quadrupled from a year before to more than 48,000.

Why’s he exercising in jeans

Good.

Wait What? You mean that people who've been financially hurt are more concerned with saving money for necessary expenses and not FRIVOLOUS AND wild spenders. Imagine being more concerned with your family and yourself then the BUSINESSES around you. Business $$people

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good luck

Even if you are on the right track, you’ll get run over if you just sit there. - Will Rogers

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this is terrible news

what were they supposed to do with a free cdu bible?

Who would have thunk it!

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