German GfK Consumer Sentiment To Continue Falling On Weak Income Expectations
(RTTNews) - German consumer confidence is likely to continue its downward trend in November on weaker income expectations, monthly survey data published jointly by NIQ/GfK and the Nuremberg Institute for Market Decisions showed Tuesday.
The forward-looking consumer climate indicator fell unexpectedly to -24.1 in November from revised -22.5 in October. The score was expected to improve to -22.0.
The decline in income expectations was the reason for the renewed decrease in consumer climate. There were slight increases in economic expectations and the willingness to buy.
"The ongoing tense geopolitical situation, increasing fears of inflation, and again growing concerns about jobs are destroying hopes for a short-term recovery in Consumer Climate," said NIM head of consumer climate Rolf Burkl.
The income expectations index declined sharply to 2.3 in October from 15.1 in September. The index hit the lowest since March.
On the other hand, the economic expectations index rose to 0.8 from -1.4. After three consecutive decreases, economic sentiment almost reached the same level as seen in the last year.
The willingness to buy index stood at -9.3, up from -11.6 a month ago. Despite the improvement, the indicator remained at a low level as persistently high food and energy prices was cited as a major factor in consumers' reluctance to buy.
The willingness to save index eased to 15.8 in October from 16.1 in the previous month. The survey was conducted between October 2 and 13.
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