Germany Information Technology Q1 2019
We expect a continuation of many of the trends in 2019 from the past two years, in particular a strong consumer outlookthat does not translate into high levels of spending. Despite low unemployment, increased real wage growth, higher consumerconfidence and cheap credit, German consumers are not spending on par with these structural advantages. While a mindset thatfavours saving is a factor, a slowdown in economic growth in 2018, which will spillover into 2019, will also be a cause for cautionamong consumers. As global trade tensions continue to escalate and the potential of political instability increases, there are risks tothe downside for our spending growth forecast of 1.7% for 2019.
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