They have this annoying tendency to not spend money they don’t have.
It has to do with something they call “debt.” Whatever that is.
Analysis: Spend the recession away? Not the thrifty Germans – A drop-off in spending by inflation-hit consumers was one of the main reasons Germany fell into recession in the first quarter, even as other countries in the region managed to avoid it.
What’s more, even with inflation starting to ease across Europe, the signs are that Germany’s famously thrifty shoppers are not ready to spend their way out of recession – meaning the region’s largest economy will have to look elsewhere for growth.