The high energy costs have pushed the buying mood of the people in Germany to a record low. Fear of expensive energy has prompted many households to put money aside for energy bills, explains GfK expert Rolf Bürkl.
For September, the consumer climate index determined by GfK fell by 5.6 points to minus 36.5 points compared to the previous month, as the market research institute announced on Friday. Analysts were surprised by the strength of the decline. Although they had expected a setback, they assumed an index value of minus 32.0 points.
At least the economic expectations of the consumers surveyed have not fallen any further. After two declines in a row, the corresponding sub-indicator has stabilized, the statement said. However, consumers continue to rate the risk of a recession as high.
According to GfK estimates, the situation could get even worse in the coming weeks and months if the supply of gas should become scarce in the upcoming heating period. (dpa)