High inflation has confused many people’s price perception. Experts research what inflation does to consumers and show the political consequences.
A few months ago, one could hardly have imagined that Olaf Scholz would be asked about butter prices in the ARD summer interview. But the question of food prices is now more important than ever for the population. Inflation has been rising since the end of 2021 and has been at its highest level in many years since the start of the Russian war of aggression in Ukraine. The current inflation rates of almost eight percent are throwing our usual feeling for prices upside down. Can I still afford the salad, the meat, the cheese or is the price too high?
Now save articles for later in “Pocket”.
“Due to the impression of rising prices, we are now losing a feeling of stability and carelessness that has accompanied us for years,” says psychology and market researcher Jens Lönneker from Cologne’s Rheingold Salon to “Spiegel Online”. According to the market researcher, the Germans have a few products , especially bread, butter and petrol, have a good sense of price. Bread and butter are among the so-called anchor products. Consumers decide on the price of these products in which supermarket they want to do all their shopping.
Also read: Controversy over wind power expansion – yes, green electricity, just not with us: In the north, an absurd dispute about climate protection is revealed
The Germans also have more of a “shopping basket feeling” than being able to name individual prices, says Florian Bauer, who advises companies on pricing with his company Vocatus. Many consumers always know how much they can put in their shopping cart for a certain sum. If products such as bread or coffee then become 30 cents more expensive, most customers will not do without them, says Florian Bauer.
According to Florian Bauer, the focus for consumers is the individual value they attach to a product. For those who have become a ritual at the weekend, the eggs will not go without them despite the price increase, but the streaming subscription that has just been taken out will. This means that own brands, which can replace branded products, are becoming more important for retail chains.
According to Lönneker, a conflict between reactionary and more progressive solutions in society is possible. On the one hand there are people who demand government intervention to cap price increases. On the other hand, there are people who question the general consumption of animal products or work creatively on solutions. Due to the price increase, however, it could happen that the reactionary-conservative group will increase. Lots more people are again of the opinion that you have to be able to afford morality in the supermarket, says Lönneker. As a result, the materialists could make a comeback as a result of inflation. The need for security and economic stability thus comes to the fore without including ethical and moral aspects.
Other users are also interested in:
