Is private consumption stagnating due to less people wanting to consume or due to less income? Another way to say that consumption is stagnating is to say that savings is going up. Is savings going up in Europe? From what I read a while back, this is not the case.

>Is private consumption stagnating due to less people wanting to consume or due to less income?

You (sort of) left out a factor: Slowing / arrested population growth.

I would argue that is mostly because on the macro level the private sector is paying off their accumulated debt, hence less spending. That's pretty much the definition of a deflationary spiral. I don't think this shows any sort of cultural shift.

The private debt in Germany for example today is lower then 1995. [1] The accumulation of debt stopped already in 2000.

[1] http://ec.europa.eu/eurostat/web/products-datasets/-/tipspd2...

>The accumulation of debt stopped already in 2000.

Because Germany ran massive trade surpluses, while other Euro states took on debt to buy German goods. I don't see a cultural shift, either.