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Financial News: German Consumer Confidence To Rise In December

German Consumer Confidence To Rise In December

11/25/2022 - 02:36:00 (RTTNews)

(RTTNews) - German consumer confidence is set to rise moderately in December, survey results from the market research group GfK showed on Friday.

The forward-looking consumer confidence index rose to -40.2 in December from -41.9 in November. The reading was expected to improve to -39.6.

Consumers' long-standing fears of skyrocketing energy prices eased somewhat, which had a positive impact on consumer sentiment, Rolf B├╝rkl, GfK consumer expert said. Despite the improvement, the consumer climate situation remains tense. Both economic and income expectations increased moderately in November.

The economic expectations indicator climbed 4.3 points to -17.9 in November. Nonetheless, consumers expect that a recession is unavoidable in the near term. Gross domestic product is forecast to shrink around half a percent in the coming year.

Private consumption is unlikely to make a positive contribution to growth next year, the market research group said.

Benefiting from the fall in energy prices, income expectations gained strength. Consumers are also hoping that the real income losses will not be quite as severe as recently feared. The income expectations index rose 6.2 points to -54.3 in November.

Meanwhile, the propensity to buy index dropped 1.1 points to -18.6 as households still face sharp increase in energy bills.

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