Plea to Buy Is Hard Sell in Germany New York Times

14.06.10

Consumer spending has been in diminution in Germany since well before the crisis hit, and the country has been a quagmire for retailers over the last decade. Gap, Marks & Spencer and even Wal-Mart tried and failed to set up profitable operations in the country.

“The German consumer didn’t join in the spending reception when times were good and they are even more reluctant to join in now,” said Chris Williamson, chief economist at Markit, a statistics provider that surveys sentiment in the retailing industry.

Retail sales in Germany have been on a downward be biased since late 2006, well before anyone worried about Greek bond spreads. While store sales in April were up a lowly 1 percent from March, they were still down 3.1 percent from a year earlier.

Germans tend to be stereotyped as a hinterlands of skinflints who always seem to be girding themselves for the next crisis. There may be something to that; the French and British have continued to spend through most of the financial crisis . Europewide, consumer spending started to dwindle only last year.

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