Survey: German consumers tighten purse strings as energy costs bite

German consumer confidence suffered a sharp setback in September, with households saving at a rate not seen since the 2008 financial crisis, according to a new study released on Friday by the Nuremberg-based NIM and GfK institutes.

The propensity to save rose sharply while income expectations fell significantly, the institutes said in the results of their monthly survey. The readiness to make major purchases also declined slightly.

People's expectations regarding their income prospects fell to their lowest level since April. 

"The majority of households expect high energy prices to reduce their purchasing power," Rolf Bürkl, consumer expert at NIM, said in a statement posted online. "As a result, they are more skeptical about their income expectations for the next twelve months."

The tendency to save rose again, reaching its highest level since the 2008 financial crisis. The consumer researchers said high energy prices were adding to uncertainty and prompting people to put more money aside amid concerns about the broader economic outlook.

The propensity to save is particularly high among households with greater financial resources, the study found. "These households appear to be seeking to offset the inflation-related loss of purchasing power of their savings by putting more money aside," the consumer climate study said.

On a more positive note, citizens' expectations regarding economic development rose for the fifth consecutive month, a trend that may have been supported by improved growth forecasts from economic research institutes.

The current analysis is based on 2,000 consumer interviews conducted between September 3 and 14, 2026, on behalf of the European Commission.