German recession fails to slake thirst for beer

Germans may be in the middle of a recession but at least two things remain constant: beer drinking and saving. Even in the recovery from the last recession earlier this decade, when Germany resumed its role as world champion exporter, they didn't spend much. And, sure enough, retail sales in September fell 2.3% on August.And it's going to get worse, with more belt-tightening and semi-deserted Christmas markets looming. Their savings ratio jumped to 11.3% of disposable income in the first half of this year and is certain to go higher, putting indebted Brits who have saved little or nothing in the easy-money years of Gordon Brown's "prudence" to shame.But beer-drinking, despite predicted price rises of between 5 and 8%, will still be a healthy 112 litres a head in 2008 or the same as in 2007, according to the head of Bavaria's... [read full story]