German retail sales since 1994

A fascinating graph showing how growth did not come consumer spending.
It explains why there is no proper general retail sector listed in Germany, despite a population of more than 80m inhabitants.
There has been virtually no growth in retail sales since 1994.
Can it indicate that the next 10 years would be those of consumer spending? It is hard to imagine at the moment given the wage restraints of companies in Germany.

The listed stocks' valuations imply no growth in Germany. A marginal inflexion would bring huge cash-flow surprises.