N26 has recently analyzed the data of over 380,000 consumers in the main five European markets (Spain, Germany, Austria, France, and Italy), with the aim of discovering the saving and spending trends in 2022.
This analysis shows that Spaniards have the highest savings ratio overall during the period covered (January to August 2022). Something perhaps striking considering the escalation of prices that Spain has suffered, up to the point of leading the rankings of inflation amongst the European economies.
However, the average savings rate for Spaniards was the highest (6.6%), followed by Germany (5.1%), then Italy (1.49%), and France (0.1%). Barcelona is the Spanish city with the highest savings rate (6.89%), followed by Madrid (6.21%) and Seville (3.57%).
Spanish users also increased their percentage of savings in relation to their average income by 57.2% since March. The average income in Spain grew by 7.2% during these months, compared to 4.6% in January and February.
This resulted in an 80.2% growth in the average amount saved in euros, the highest of all the countries analyzed by N26.
This points to a protective instinct, triggered by the current economic, political, and social circumstances, characterized by uncertainty.
N26’ analysis reveals that Spaniards spent less on bars and restaurants than any other country in the comparative data set.
Their rise in spending in this category was 9.3% in relation to their income, whereas the Germans and Austrians are in the lead, with 31.9% and 26.5% respectively. Overall, hospitality is the category in which Spaniards spent the most, followed by shopping, vacations and trips, and food.