Key facts
- German consumer sentiment stabilized heading into July, according to a GfK survey.
- The consumer sentiment index rose to -29.2 for July from a revised -29.7 in June.
- Income expectations showed a slight recovery, but willingness to buy remained in pessimistic territory.
- The survey indicated no signs of a return to pre-pandemic levels of consumer sentiment.
German consumer sentiment has stabilized at a low level heading into July, with a slight improvement in income expectations but continued pessimism regarding the willingness to buy and overall economic outlook. The consumer sentiment index, published by the Nuremberg Institute for Market Decisions (NIM) and GfK, rose to -29.2 points for July from a revised -29.7 in June.
Rolf Buerkl, head of consumer climate at NIM, stated that while income expectations are recovering slightly, there are no signs yet of a return to pre-pandemic levels. The willingness to buy remains in the pessimistic range, and the willingness to save is not decreasing.
The survey, conducted between June 4 and June 15, also showed economic expectations at -8.7, income expectations at -12.2, and willingness to buy at -13.4. The willingness to save remained at 13.9. A reading above zero for the consumer climate indicator signals year-on-year growth in private consumption, while a value below zero indicates a drop.