Customers in a shopping street
Survey on Consumer Expectations

What are households’ expectations? Since 2019, the Deutsche Bundesbank has been investigating this question by surveying households in Germany on a regular basis (Bundesbank Online Panel Households).

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

The inflation expectations of individuals in Germany increased again slightly in June 2021 compared with the previous month to an average of 3.4%, therefore continuing the rise in inflation expectations that has been visible since the beginning of the year. The share of individuals who expect a slight or significant rise in the inflation rate went up slightly by 3 percentage points in June 2021 to just over 82%.

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

In June 2021, individuals in Germany expected an average increase in real estate prices of just under 11% over the next 12 months, a rise of 1.4 percentage points compared with the previous month. At 85%, the share of respondents who expect rising real estate prices in their region over the next 12 months is also considerably higher in June 2021 than at the beginning of the year (64%).

Income expectations
Income growth expectations of individuals

Income expectations for the next 12 months have been in positive territory since February 2021. Much like in the previous month, individuals in Germany expected an average increase in their net household income of just under €100 in June 2021. Developments in income expectations therefore continue to show a noticeably positive trend.

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.