More tendency to save
Consumer mood in Germany suffers violent damper
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Within a few weeks, the mood of consumers in Germany deteriorates significantly. This indicates several indicators. According to experts, job fears ensure uncertainty, economy comes into focus again.
Rising unemployment, more bankruptcy and poor economic prospects: The mood of consumers in Germany has suffered a violent dampers this month. After a recovery in July, the consumer climate decreased significantly in August, as can be seen from the latest consumer climate study by the Nuremberg Institute GfK and NIM.
In the forecast for September, the consumer climate index only comes to minus 22 points, a deterioration of 3.4 points, as the institutes said. Before Coronapandemic, the index was comparatively stable at around 10 points.
The expectations of income and economic development have decreased, as did the inclination tendency – the tendency to save had increased. “Apparently, the euphoria that the European Football Championship triggered in Germany was only a short flaring and has gone after the end of the tournament. In addition, there are negative reports on job security, which consumers are more pessimistic again and a quick recovery of the consumption mood is unlikely let appear, “said NIM consumption expert Rolf Bürkl.
“Slightly increasing unemployment, an increase in corporate insolvencies and personnel reduction plans of various companies in Germany are increasing concerns about their workplace in a number of employees,” emphasized Bürkl.
Private households unsettled
The private households see their financial situation much less rosy in the next twelve months than a month ago: the indicator of income expectations lost 16.2 points. “A larger decline in the mood within one month was last measured almost two years ago, in September 2022,” said the two institutes – at that time there was significantly higher inflation rates.
For the study levied in the monthly cycle, the consumer researchers interviewed around 2000 people this time in the period from 1st to August 12th. The client is the EU Commission.
