The coronavirus pandemic has led Germans to hoard their money in bank accounts, weakening hopes for a consumer boom in the near future.
Between January 2020 to January 2021 the amount held in private household bank accounts increased by 182 billion euros (215 billion dollars) to reach 1.73 trillion euros, according to the latest figures from Germany's central bank, dpa reported.
The ifo economic research institute estimated that this represented a so-called "saving surplus" of some 100 billion euros, and that this figure would rise further in the first quarter.
The amount of credit extended to consumers, including in the form of overdrafts, has on the other hand decreased during the pandemic, financial experts said.
Christian Nau, the boss of online price comparison site Check24, put the figures down to the fact that consumers have less to spend their money on due to pandemic lockdowns, and that banks are being more careful about who to lend money to in uncertain financial times.
