GfK: Consumer sentiment has deteriorated

NUREMBERG (dpa-AFX) – Consumer sentiment in Germany deteriorated slightly in August. “The consumer climate is currently showing no clear trend, neither downwards nor upwards – and that at a very low level overall,” said Rolf Bürkl from the consumer research company GfK on the study on consumer climate presented in Nuremberg on Tuesday. Both the economic and income expectations as well as the propensity to buy are therefore declining. For September, the GfK consumer researchers are forecasting a drop in their barometer by 0.9 to minus 25.5 points.

“The chances that consumer sentiment can sustainably recover this year are dwindling more and more.” Persistently high inflation rates, especially for food and energy, ensure that the consumer climate is currently not making any progress, said Bürkl.

The expert expects the consumer climate to remain at a low level in the coming months. This confirms the assumption that private consumption will not make a positive contribution to overall economic development this year and will rather be a burden on growth prospects in Germany.

Consumers are therefore much more pessimistic about the economic development in Germany in August. According to GfK, in addition to sharply rising prices, increasing concerns about job losses should again play a more important role.

GfK surveys around 2,000 people every month for the study. The results are an excerpt from the GfK consumer climate MAXX study commissioned by the EU Commission. The current survey ran from August 3rd to 14th./ses/DP/bgf

ttn-28