Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

European households: The double dividend of excess savings

In 2021, the glut of excess savings could generate a double dividend for the Eurozone: first, a consumption boom of EUR170bn, or 1.5% of GDP. In 2020, gross savings in the Eurozone increased by more than +50%, and “excess savings”  stood at more than EUR450bn, or over 4% of GDP, thanks to reduced spending on services amid renewed lockdowns.

Equity markets: In search of Goldilocks' inflation


What effect do changes in inflation have on equity performance? What do we expect moving forward? Historically, monetary and fiscal easing periods tend to be favorable for equity investors, as equity tends to generate decent returns in periods of accelerating, but still manageable, reflationary pressures.

Investment is back: Harder, better, faster, stronger?

In the short run, a demand catch-up and the reduction in spare capacities will drive a business investment recovery… With the progressive easing of sanitary restrictions, normalizing capacity utilization levels will push up business investment by +18.4% in the UK, +5.4% in France, +4.0% in the US and +2.5% in Germany.