According to the survey (www.gfk.com/de), which took place from April 24 to 26, 2020, 33 percent of the Germans expect that their households’ financial situation will get worse in the next twelve months. One third indicated that they intend to spend less money for long-lasting products like furniture, cars, or TVs in the future. For example, 26 percent of those questioned forego their planned vacations, eight percent will stop buying furniture for the time being and seven percent intend to delay any purchases of clothing, cars, and luxury goods like watches and jewelry.
During the initial phase of the crisis, the panic phase, people predominantly bought what they absolutely needed: home office equipment like computer displays or webcams, coolers or freezers to store food. In the second phase, during which they adapted to the situation, the consumers’ needs have shifted once again. Products from the home entertainment sector, like gaming consoles or computers, were in high demand to make life at home more pleasant. The current slow reopening of stationary retail stores will most likely bring further substantial changes in buying behaviors.
