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Ekonomické zprávy
25.11.2021

German consumer confidence declined more than forecast in November - GfK

According to the report from GfK Group, in November, consumer confidence in Germany declined significantly, along with falling expectations about the economy and income, as well as the propensity to buy. As a result, the consumer sentiment index for December fell to -1.6 points compared to +1 point in the previous month. Economists had expected the index to be -0.5 points. The last value was the lowest in six months.

The data also showed that the index of economic expectations fell by 15.6 points to 31 points, while the index of income expectations fell by 10.4 points to 12.9 points. The last time a lower value was recorded in April (9.3 points). Pressure on the income expectations index was exerted by rising inflation and falling purchasing power, as well as concerns about short-time work amid production constraints. The index of propensity to buy also decreased - by 9.7 points, to 9.7 points. A lower value was last recorded in February (7.4 points).

"Consumer sentiment is influenced by two factors - a significant increase in the number of coronavirus diseases, which may cause further restrictions, as well as a drop in consumer purchasing power due to high inflation," said Rolf Bürkl, GfK consumer expert.

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