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Financial News: German Consumer Confidence Set To Drop In August

German Consumer Confidence Set To Drop In August

07/26/2018 - 02:41:00 (RTTNews)

(RTTNews) - Germany's consumer confidence is set to weaken slightly in August, survey data from market research group GfK showed Thursday.

The forward-looking consumer sentiment index fell to 10.6 in August from 10.7 in July. The score was forecast to remain unchanged at 10.7.

The survey showed that income expectations and propensity to buy were able to maintain their extremely good level while economic expectations continue their clear downwards trend.

The economic expectation indicator dropped 7.6 points to 15.7 in July. The escalating trade conflict between the EU and the United States adversely affected German consumers' economic expectations.

At the same time, the income expectations indicator dropped only marginally by 0.1 points to 57.5 points in July.

Similarly, the indicator for propensity to buy fell slightly to 56.2 from 56.3 in the previous month. Despite the uncertain times in terms of world politics, German citizens are still keen to keep on buying, said GfK.

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