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☆ Americans are spending more on travel and live entertainment. But their personal saving rate has taken a dip.
  + stars: | 2024-03-30 | by ( John L. Dorman | ) www.businessinsider.com   time to read: +3 min
Four years later, American consumers have mostly moved on from the pandemic and are spending more on experiences than ever before. Prioritizing experiences, however, has led to a major shift in their financial lives: The personal saving rate in the US has declined considerably. In 2023, consumer spending on foreign trips and live entertainment rose by nearly 30 percent, according to the newspaper. Related storiesAt the same time, perhaps predictably, the US personal saving rate has declined, according to the bureau. In February, the personal saving rate was 3.6 percent, a drop from 4.1 percent the month before.
Persons: —, Ulrike Malmendier, Malmendier Organizations: Service, Business, Washington Post, University of California Locations: Berkeley
☆ German 'wise ones' see inflation uptick if banking woes halt rate rises
  + stars: | 2023-03-22 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Members of the German economic expert council attend a news conference to present the economic prognosis 2022/23, in Berlin, Germany March 22, 2023. "The recent increase in financial market risks has made it more difficult for central banks to fight inflation," the five "wise ones" who advise Berlin on economic policy said in their biannual report. "If the monetary policy response is too weak due to these trade-offs, inflation could remain high for longer than expected or even pick up again," they added. Turmoil in the banking sector culminated in the Swiss regulator-backed takeover of Credit Suisse by rival UBS at the weekend. Inflation will come in at 6.6% in 2023 and 3.0% in 2024, the council predicted.
☆ Germans spending less as soaring power, food costs gnaw finances
  + stars: | 2022-12-01 | by ( Mathis Richtmann | ) www.reuters.com   time to read: +8 min
REUTERS/Thomas PeterSummary Germans consuming less as inflation bitesMore worried about personal finances than FrenchState support arriving, but will it work? But this year he took the dish off the menu because rising costs all along the supply chain would have doubled its price compared to last year. That would be beyond the budgets of Germans looking to cut back on non-essentials amid a cost of living crisis fuelled by rising energy prices. At some point in 2023, he and hundreds of thousands of others will receive a bill for his 2022 heating to recover additional costs from rising prices. Discount retailer Primark said in November it was looking to reduce its presence in Germany as it grappled with weak sales and rising costs.
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