Tomorrow - ein McKinsey Podcast Zwischen Inflation und Zurückhaltung: Die neue Realität des Konsums
Apr 9, 2026
Marcus Jacob, Senior Partner in McKinsey’s Berlin office and consumer-behavior expert, explains why German and European households curb spending. He outlines how rising costs for housing, food and transport have squeezed discretionary budgets. He discusses structural shifts in consumption, implications for companies’ pricing and assortments, and how communication and product design must adapt.
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One Quarter Of Households Lack Discretionary Income
- About 10 million German households (roughly one in four) have little or no room for discretionary spending at month-end.
- This structural loss of purchasing power explains why nominal wage rises haven't translated into stronger consumption.
Essentials Price Shock Cut Disposable Consumption
- Many German households have far less disposable income because essentials rose sharply since 2018.
- Housing, food and mobility prices rose ~20–40%, cutting real non-essential consumption by about 17%.
Nominal Wage Gains Didn’t Restore Consumer Demand
- Rising nominal wages have not restored consumption because necessary costs rose faster than incomes.
- Marcus Jacob links six years of missed real-wage growth to sustained consumer caution and weaker demand.