Germany's Christmas Spending Spree

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Nov. 21 (Bloomberg) -- Bloomberg's Hans Nichols reports on the state of the German retail environment. He speaks on Bloomberg Television's "Countdown." (Source: Bloomberg)

It's the second day of this conference.

Merkel will be speaking.

I talked to a lot of people yesterday but most of them were bullish on the german consumer and a change in spending habits.

There are some concerns that the talks will include tax increases which would put a damper on spending.

Overall, the ceo of jfk spoke about the changing german consumer.

German consumers in the old days and years ago are putting their money and the bank.

With the financial crisis, we see there has been a lack of trust in the financial institutions and germans have been spending more on real estate, buying cars, private consumption.

Maybe globally it is in a different balance but overall and germany, private consumption has been taking up.

This year on christmas they will spend 1.2% more than last year.

They just revise the figures up from 1%, a total of 80 billion euros in sales.

Look at the average consumer, 270 euros is what they expect to spend.

That is 40 euros more than last year.

There are still some challenges.

You have restrict the of opening hours that prevent buying and shopping, especially on luxury goods.

The goal am a speaking to someone from ebay, and how you get them to spend more on something other than just cars, vacations, and holidays.

Thanks a lot.

We will see you later.

Hans nichols live in berlin.

Monitoring the world congress

This text has been automatically generated. It may not be 100% accurate.

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