Joint analysis of the economic situation: idealo, immowelt and Stepstone debunk myths of the crisis

• Not everything has become more expensive: Around 40 percent of the 100 most popular product groups on idealo.de are stable in price or even cheaper
• Buying real estate is still affordable: In areas surrounding the largest cities, buyers save up to 44 percent on the purchase price, immowelt analysis shows
• 28 percent more jobs on Stepstone.de: Job seekers still have good opportunities in the labor market

First the Coronavirus pandemic, then the energy crisis and now inflation: many Germans feel that the economic situation has been getting steadily worse in recent years. Yet there are many areas of the economy where things do not seem so dramatic.

This is confirmed by reports from idealo, immowelt and The Stepstone Group. In a joint analysis, the three online platforms dispel false myths about online retail, real estate and the job market: Good bargains can still be made when shopping, home ownership is still affordable and the German labor market is proving to be robust.

Myth 1: There are no good bargains to be had when shopping? Wrong!

Not everything has become more expensive in recent years - this is now confirmed by an analysis of the price comparison platform idealo. While the price level of the 100 most popular product groups has increased by an average of 9 percent compared to the beginning of 2020 - around 40 percent of the product areas examined have either remained stable in price or even become cheaper: Wristwatches, for example, currently cost 18 percent less than in the same period in 2020, while sneakers are also available at an average six percent lower price.

In addition, the number of offers marked as bargains on idealo has increased by around 70 percent in recent years. "Especially in times of high inflation, many people rely on good deals," says Florian Kriegel, price expert at idealo. "Fortunately, there are still many bargains available now. It's just more important than ever to compare prices from different retailers online and to remain open for alternative offers."

Myth 2: The dream of owning your own home is over? Wrong!

Is the dream of owning your own home over despite the rise in interest rates? Not at all! Those who are able to compromise and move out of the big cities will find significantly lower real estate prices. With a commute of up to one hour, buyers in 9 of 14 of the major cities surveyed, save at least 25 percent on the purchase price of an existing apartment. The savings are greatest in the area surrounding Hamburg. The average purchase price of apartments that can be reached within one hour by public transport from the city center is currently 3,572 euros per square meter. That's 44 percent less than Hamburg's average price of 6,404 euros!

"The higher interest rates on construction have made it more difficult to buy property, so that home ownership is no longer financially viable for some people, especially in high-priced cities. But in the commuter belts of many cities there are still affordable apartments," says Daniel Raumer, Group Lead Market Analytics of immowelt. "In some cases, real estate prices there are still so low that buyers don't have to accept an overcharge due to financing."

Myth 3: The labor market is past its prime? Wrong!

The world of work is about to undergo massive changes – a labor shortage is being felt across all sectors, the ever-increasing use of artificial intelligence in the world of work fills some with concern. Wrongly so. Because the situation on the labor market is bright at the moment - and will probably remain so in the future. This is shown by current data from The Stepstone Group, one of the leading digital recruiting platforms, for the German labor market: Overall, 28 percent more jobs were advertised on Stepstone.de in the spring months of January to March 2023 than in the same period in 2020, i.e. before the Coronavirus pandemic. Applicants in the occupational groups of social services (+ 75 percent), logistics (+ 67 percent), hospitality (+ 54 percent), manufacturing & production (+ 54 percent), education (+ 53 percent) and administration (+ 51 percent) are particularly in demand.

"It is a fact that we continue to have significantly more job openings than we did before the pandemic. It is also a fact that, due to demographic change, there will not be enough people in Germany to fill all jobs in the future. By 2035, there could be a shortage of up to seven million workers," says Dr. Tobias Zimmermann, labor market expert at The Stepstone Group. "Automation and artificial intelligence have enormous potential to remedy this. But at the same time, they create new tasks and thus jobs that we need to fill." As The Stepstone Group's figures show, companies are already desperately seeking employees - a trend that will continue. The job market will continue to offer plenty of opportunities in the long term.

Calculation basis

idealo: Data based on average prices in the 100 categories with the highest demand on idealo.de. Period: Q1 2020 vs. Q1 2023

immowelt: The purchase prices were calculated on the basis of offers advertised on immowelt.de. The values calculated using hedonic methods reflect the average prices per square meter of existing apartments (75 square meters, 3 rooms, 1st floor, built in the 1990s) as of April 1, 2023. These are offer prices, not closing prices.

The Stepstone Group: The calculation is based on the average number of job ads placed online per day on the Stepstone.de website. These values were accumulated for the first quarter of 2020 and 2023 respectively. The calculation was also applied to individual occupational groups.