In November, GfK’s consumer sentiment index in Germany continued to deteriorate

By: Trademagazin Date: 2023. 10. 24. 12:10

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According to the GfK economic research institute, consumer sentiment in Germany deteriorated for the third consecutive month in November, and no improvement can be expected until the end of the year.

GfK’s consumer sentiment index in Germany deteriorated from minus 26.7 points in the previous month to minus 28.1 points by 1.4 points instead of the expected minus 26.6 points in November.

According to experts, with the drop in the sentiment index in November, the hopes for an improvement in consumer sentiment can be “forgotten” for the rest of the year. Above all, high food prices weaken the purchasing power of German households, and thus private consumption will not be a pillar of the economy this year.

Income prospects remain in the stranglehold of inflation. The increase in the willingness of households to save also indicates a further deterioration in consumer sentiment: the indicator increased from 8.0 points in October to 8.5 points in November.
After stabilizing the previous month, the index of income expectations deteriorated by 4.0 points to minus 15.3 points by November.