Despite a slight improvement in consumption mood in the third month in a row, consumers are further unsettled in Germany. The consumer climate was unable to make a decisive leap in May, the consumer research institutes GfK and NIM said in Nuremberg as the result of their latest study.
The economic and income expectations have grown noticeably. According to the data, however, with the consumer: inside, the tendency to buy something – instead, they prefer to save. This brakes the consumption mood. The consumer climate indicator predicts a moderate increase of 0.9 points to -19.9 points compared to the previous month.
Regardless of the braking effects, the consumer climate has climbed to the highest level since November 2024 – but at a low level in long -term comparison. “The level of consumption mood remains extremely low and the uncertainty of consumers: continues to be high in the inside,” said Nim consumption researcher Rolf Bürkl.
Unpredictable customs policy
“The unpredictable customs and trade policy of the US government, turbulence on the stock exchanges and fears a third year ago in a row ensure that the consumer climate remains weak. People apparently consider it up to date to save it, considering the general economic situation,” he said.
The expectations of income have increased. Good tariff degrees, as in the public service in the event of a slightly weakening price surge, ensured a purchasing power plus. According to the Federal Statistical Office, the inflation rate was 2.1 percent in April, and after 2.2 percent in the two previous months. However, the inclination of acquisition cannot benefit from this.
Optimism for the future
Consumers’ expectations: However, further economic development are currently quite optimistic. In contrast, the Council of Experts on the Assessment of the Meconomic Development (SVR) assumes no economic growth in the current year in its recently published spring report.
A total of 2,000 consumer interviews were conducted for the study from 1st to 12th May 2025. It is developed on behalf of the EU Commission.