Germany's stores are starting to reopen, but people are reluctant to shop.
However, the CEO of the German retail federation warned consumer activity would be subdued for some time.
Instead of seeking out ways to make the most of deals on goods, Moore explained that people were now more defensively minded because of the uncertainty created by the pandemic. Stefan Genth, CEO of the German retail federation Handelverband Deutschland, suggested this was likely to be the case for some time as consumer sentiment was at an "all-time low," according to the translation of a statement published Wednesday.
Italy, which has been the epicenter of Europe's pandemic, also allowed some of its smaller retailers to re-open this week but store ownersDespite the official easing of restrictions by some governments, Moore said that people would really be looking for "social proof" that others are returning to shops en masse before doing so themselves.
"We're much more non-conscious, emotional creatures than what we give ourselves credit for," he said, citing research from a Harvard professor who found that 95% of our purchasing decisions occur in the subconscious mind.
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