The German Cultural Reaction to Austerity

Consumer spending is way down in Germany. And I have to admit, it doesn't seem to be manifesting itself in the UK either. The decline in energy prices that they've seen over the past few months should feed into higher disposable income and higher spending. That entire dynamic doesn't happen. A lot of this honestly just comes down to happiness, that people spend more when they're happier maybe. It's not a wacko theory at all.