The consumer climate in Germany is getting worse.
According to the latest consumer survey by the Nuremberg GfK Institute, income expectations have risen slightly.
But declining economic expectations, rising prices and new corona worries are curbing the desire for larger purchases.
The GfK consumer confidence index fell from minus 0.4 points in August to minus 1.2 points in September.
The economic euphoria has decreased, it said. In addition, inflation in Germany rose to 3.8 percent in July. Experience has shown that rapidly rising prices “have a dampening effect on consumer mood,” said GfK consumer expert Rolf Bürkl on Thursday. In view of the low interest rates “private households perceive the inflation rates as even more threatening for their purchasing power”, even if a large part is a one-off effect after the temporary reduction in VAT in 2020.
In addition, there are increasing corona infections and discussions about how to deal with unvaccinated people.
That “made consumers noticeably insecure,” said Bürkl: “They fear that restrictions could even be tightened again.
This is currently apparently putting pressure on consumer sentiment. ”An unadulterated shopping experience is not possible with a mask requirement and distance rules.
The propensity to buy decreased.
The indicator fell from 14.8 to 10.3 points.
The GfK surveys 2,000 people every month on behalf of the EU Commission.
The study on consumer confidence is an extract from the overall survey.