“The appetite for consumption has not been dampened yet. People still want to give presents, live well and eat well at Christmas,” Sanktjohanser told the news agency DPP. “People want to give themselves something special.”
But retailers have still revised their expectations lower for the new year because of the financial crisis. “We’d be happy with a nominal turnover level, as we had this year,” Sanktjohanser said, before adding that concrete forecasts for 2009 would only be made in February.
Consumer mood will depend on the development of the job market, he explained. But even in very difficult conditions, Sanktjohanser did not expect private consumption to experience a significant downturn.
The turnover in German retail experienced a nominal rise of 1.5 percent in 2008. When adjusted for inflation, however, this figure represents a drop of approximately 1 percent.