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Germans Scale Back Christmas Gift Budgets as Retailers Prepare for a Price-Driven Season

HDE projects roughly flat real sales for November–December, reflecting discount hunting and modest online growth.

Overview

  • A YouGov survey for HDE shows planned gift spending averaging €263 per person, €34 less than 2024, with 21% intending to cut back, 10% to spend more, 54% to spend the same, 25% budgeting under €100, and 6% planning no gift spend.
  • HDE forecasts around €126 billion in retail revenue for November and December, a 1.5% nominal rise that equates to roughly no real growth after inflation.
  • In an HDE poll of retailers, 80% expect restrained customers during the season and 83% expect heightened price sensitivity.
  • HDE anticipates online holiday sales will increase by about 2.3%, pointing to e-commerce as the main source of incremental gains.
  • Industry research indicates 58% of consumers plan to use promotional days such as Black Friday for gift purchases, signaling a discount-led shopping pattern.