The consumer mood of the Germans has stopped its steep downward trend for the time being. The index value determined in October for the consumer climate in November rose by 0.9 points to minus 41.9 points compared to the previous month, as the consumer researchers at GfK announced on Thursday in Nuremberg. Analysts, on the other hand, had expected a slight decline to minus 42.3 points.
“It is certainly too early to speak of a trend reversal at the moment,” said GfK consumer expert Rolf Bürkl according to the announcement. Consumer sentiment remains tense in view of high inflation and concerns about the energy supply. Only when there are signs of relaxation here can consumer sentiment recover in the long term, the statement said.
Income expectations gained some ground after falling to a record low in the previous month. It climbed 7.2 points to minus 60.5 points and thus remained at a low level. According to GfK, “exploding energy and food prices” are weighing on purchasing power and are causing continued pessimism with regard to income.
In addition, the propensity to buy stabilized. On the other hand, there was little movement in the economic outlook. According to GfK, consumers, like experts, are assuming that Germany is slipping into a recession. (dpa)