“German tourists don’t spend money” truth or myth?

So I grew up in a Caribbean country where a major part of the economy depends on tourism, especially tourists came on cruise ship.

What I always hear from local vendors is “German tourists don’t spend money” the disappointment when they only get German tourists.

Now people think German tourists are cheap and don’t have money, but I think if they’re the same in general it’s probably culture.

So what do you think is it? Or what do German tourists prefer to spend money on?

Edit: Thank you all for your inputs, really appreciate it. Here are some conclusions I made:

• Asians are know to be cheapskates so vendors never had any expectations for them to spend. Germans give them the American expectation: caucasians, from wealthy country etc. But they don’t realize Germans aren’t impulse spender, come prepared so you won’t catch them buying overpriced sunscreen. Germany also doesn’t have a tipping culture so when they do spend, they pay for the price asked, compared to Americans who tend to overspend.

• it is true American on average spend more time in downtown, food stalls, markets and bars. Germans from the replies prefer spending time sightseeing, and actually visit the country. Which is true from my experience, most tourists I see on local bus going out district are not American (although they aren’t only Germans). So I’m sure the money is just spent elsewhere, and not in downtown which is where the stereotype is most prevalent.

Honestly, I feel bad for people who told me complains like that. I just wish to give a better response the next time they tell me about German tourists so they understand more the people that came to visit the country.