German Disarray
The collapse of Germany’s coalition government marks a pivotal moment for the country, facing both economic strain and mounting geopolitical pressures.
German households lowered their monthly consumption expenditure in 2020 by three per cent as the Covid-19 pandemic “markedly affected” private spending, the Federal Statistical Office (Destatis) has said.
Average monthly household spending in Germany declined to just above 2,500 euros ($2,810), Xinhua news agency reported, citing Destatis.
Spending on catering and accommodation services declined the most, down by 35 per cent compared to the previous year. The second highest decline was recorded in education where Germans spent 29 per cent less.
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Due to Covid-19 lockdowns, German consumers put a “focus on home, more interior furnishings, household appliances and home textiles,” Destatis noted.
Home products showed the highest growth as households spent an average of 160 euros per month on such items last year, around 13 per cent more than 2019, the year before the pandemic, according to Destatis.
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