The slump in consumption in Germany has reached a new peak due to high inflation and the uncertainties resulting from the Ukraine war. The Nuremberg-based consumer research company GfK announced on Wednesday that the record low of the past month had been undercut on the basis of its latest survey on consumer climate in Germany.
“Since the survey of consumer sentiment for all of Germany began in 1991, no worse value has been measured,” said GfK. Even during the lockdown phases of the corona pandemic, the mood was better. In normal times, the consumer sentiment curve is stable around one Value of 10. In the first corona lockdown, it fell to a low of around minus 24. GfK forecasts a value of minus 30.6 for August.
“In addition to concerns about interrupted supply chains, the Ukraine war and sharply rising energy and food prices, there are now fears about an adequate gas supply for industry and private households next winter,” said GfK consumer expert Rolf Bürkl. “This is currently depressing the mood the consumer into the basement,” he emphasized. The scarce natural gas supply – Russia has announced that it will halve its already reduced deliveries – is likely to increase the pressure on energy prices and thus inflation.
Above all, when it comes to their income, people in Germany are very worried. The fears were triggered by the high energy costs, but also by the weakness of the euro against the dollar. This makes German imports, which are paid for in dollars, more expensive and drives up inflation in the euro area.
On behalf of the EU Commission, GfK surveys around 2,000 people in Germany every month about the consumer climate. This is not just about retail spending, but above all about spending on travel, services, health and wellness. (dpa)