Marketing

Consumer goods almost three percent more expensive – eCommerce Magazin

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Many consumers fear that the corona crisis could lead to a significant increase in the prices of many consumer goods in the coming months. The idealo shopping and price comparison platform used this as an opportunity to analyze the prices of more than two million products from around 1,700 categories. The aim was to see how that worked out Price level in online trading has changed in the last three months compared to the same period of the previous year. The average best prices of all products on idealo.de that were available in both comparison periods were examined. As the analysis shows, prices in online retail have risen by around three percent on average.

Price increase in the new year at around 3 percent

Since the price level in online retail tended to be somewhat lower in December 2020 due to the lower VAT, the general price increase across all products from December 2019 to December 2020 was initially relatively low at around 1.8 percent. With the turn of the year and the Return to the normal VAT rate However, the prices then increased: In January 2021, the prices of the dealer offers on idealo.de rose by a total of 3.1 percent compared to January 2020. Idealo was able to observe a similar price increase in February 2021. Here the products were around 2.9 percent more expensive than in the same month last year.

Price increase idealo
The price development in online retail in January, February and March 2021 compared to the previous year. (Graphic: idealo)

Biggest price increase in gaming and games

The online platform was able to measure the biggest price jump in the gaming and games category. Here the prices in January 2021 were 10.8 percent above the level of the same month last year – in February as much as eleven percent. The sharp rise in prices in this category is mainly due to the higher prices of products such as Board games, puzzles and video games came about that were particularly in demand due to Corona, were temporarily sold out or severely limited and then became significantly more expensive.

“We assume that the price increase of around ten percent for gaming products is not due to inflation alone, but that the extremely high demand for these products initially led to a supply shortage, whereupon the prices of the items that are still available are sometimes high have increased ”, explains Michael Stempin, price expert at idealo.

While the average price for game consoles in January 2020 was just under 310 euros, consumers had to pay an average of 30 percent more in January 2021 and for one Game console spend about 403 euros. Gamepads were also significantly more expensive at the beginning of this year than a year earlier – prices here in January 2021 were around 19 percent above the price level of the same month last year.

Growing prices for food

The prices in the food and drink category, in which the price level in both January (plus 5.3 percent) and February (plus 6.1 percent) were noticeably higher than in the same months of the previous year, have also risen significantly. Also at Sports and outdoor products, in the area Pet supplies and in the category Drugstore and health idealo has been able to observe rising prices in recent months: Here the price level in January and February 2021 was on average four to five percent higher than in the same period of the previous year.

Car and motorcycle category relatively stable in price

In contrast, prices were relatively stable in the categories of cars and motorcycles, as well as babies and children. With the products from the Automotive sector Idealo identified only a marginal price increase of 0.8 percent in January 2021 compared to the same month of the previous year (February 2021: plus 0.92 percent). Articles from the baby and child segment have increased in price by up to two percent on average (January: plus 1.6 percent; February: plus 2.4 percent). (sg)

Also read: E-commerce industry: sales in Germany rise to over 83 billion euros

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