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A study by the Institute for Sales, Trade, and Marketing at Johannes Kepler University found that low-income people still need to save a lot. They must cut back on everyday purchases and new purchases.
According to the study, more than half of people in households with a net income of less than EUR 2,000 saved on electrical appliances or furniture this year. Over one in three people could not afford a summer vacation this year. Those affected also have to hold back in the supermarket. Six out of ten of those affected only buy discounted goods. According to the study’s authors, the inflation crisis is still reverberating.
Differences in higher incomes
As expected, people who earn more money are much less reluctant to spend money at the supermarket, on electrical appliances, or on vacations. The study shows that households with higher incomes are less affected by the inflation crisis and, therefore, have to save less. This highlights the growing gap between income groups and the associated social inequalities.
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