Is the traditional Austrian thriftiness under threat?

Over 2010-11, the household saving rate in Austria declined abruptly to a historical low of 12% after stabilizing at a high level in 2007-9. The economic downturn of 2009 caused stagnation in real labour income while property income kept declining even as the economy started to recover which helps explain the slump. Household consumption remained smooth and somewhat restrained. On aggregate households stood clear of excessive leverage. Despite the decline in the household saving rate Austria remains one of the thriftier nations in the EU.