German Consumer Sentiment To Recover Moderately: GfK
2024-09-26
1903
(fxcue news) - German consumer confidence will recover moderately in October despite weaker economic outlook, survey data published jointly by GfK and the Nuremberg Institute for Market Decisions showed Thursday.
The forward-looking consumer sentiment index rose to -21.2 in October from -21.9 in September. The score was forecast to fall to -22.4.
The slight improvement in the consumer climate after a severe setback in the prior month can be interpreted as stabilization at a low level, NIM consumer expert Rolf Burkl said.
As the index has remained around -21 points since June 2024, the slight increase cannot be viewed as the beginning of a noticeable recovery, Burkl added.
Economic expectations deteriorated for the second straight month in September on fears of rising unemployment. The economic expectations index fell 1.3 points to 0.7.
On the other hand, income expectations are recovering after a slump in August. The corresponding index climbed 6.6 points to 10.1. However, the latest rise was not sufficient to offset the decline in the previous month.
Rising concerns about employment are overshadowing the increase in purchasing power of households, GfK said. Inflation stabilized around 2 percent, while wage hikes and pensions are rising more significantly.
The propensity to buy rose four points to -6.9 in September, which was the highest level since March 2022. Nonetheless, the level of propensity to buy remained extremely low.
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