Customers in a shopping street
Survey on Consumer Expectations

What is the outlook for the economy over the next few years? This is a question that households regularly ask themselves when they are in the process of making big decisions.

Inflation expectations of individuals
Expectations of individuals about the development of the inflation rate

During the first lockdown due to the coronavirus pandemic, considerably more households in Germany expected the rate of inflation to rise than had one year before. Likewise, the proportion of households expecting falling prices was also significantly higher than in the previous year. Since that time, inflation expectations have stabilised again somewhat.

Home price expectations
Expectations of individuals about changes in real estate prices

Despite the coronavirus crisis, more than two-thirds of all respondents expect real estate prices to rise over the next 12 months. This means that, following a drop in prices in spring 2020 as a result of the coronavirus pandemic, most respondents again expect real estate prices to develop in line with their expectations from spring 2019.

Income growth expectations
Income growth expectations of individuals

The coronavirus crisis also had an impact on expected income growth. In spring 2020, households expected on average that their mean monthly net income would decline. Since June 2020, however, this assessment has brightened slightly.

Other findings
Macroeconomic expectation indicators

The Deutsche Bundesbank conducts regular surveys of households’ expectations for unemployment, economic growth, rent prices, real estate prices, and interest rates on savings and loans. These data are used to calculate index figures, from which corresponding trends can be easily derived.

Background information
Frequently asked questions

What is inflation? How is it measured? What role is played by inflation expectations? Why is the Deutsche Bundesbank interested in changes in uncertainty regarding inflation? The text and video featured on the following pages provide more information on these and similar questions.