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Financial News: German Consumer Confidence To Rise Slowly: GfK

German Consumer Confidence To Rise Slowly: GfK

03/26/2024 - 07:08:00 (RTTNews)

(RTTNews) - The improvement in consumer sentiment in Germany is set to continue slowly as the economic recovery is expected only in the second half of the year, survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions (NIM) showed on Tuesday.

The forward-looking consumer confidence index rose to -27.4 in April from a revised -28.8 in March. The score was seen at -27.9.

Economic and income expectations improved slightly in March but the propensity to buy remained almost unchanged.

The propensity to save provided an upward boost to the confidence. Although the index lost 5 points, the reading remained extremely high at 12.4.

The recovery of the consumer climate is progressing slowly and very sluggishly, NIM Consumer Expert Rolf Burkl said.

For a sustained recovery in the economy, inflation should fall further and a clear political strategy is needed for development in the coming year, Burkl noted.

The economic expectations index rose 3.3 points to -3.1 in March.

The market research group said the economy is not gaining a sustained momentum. A slight recovery is expected only in the second half of the year.

This improvement was certainly supported by an interest rate cut by the European Central Bank, which is currently predicted to happen in the middle of the year. Likewise, the income expectations indicator gained 3.3 points to -1.5 in March. A better value was last reported in February 2022 ahead of the war in Ukraine.

The cautious increase in income optimism primarily reflects developments in collectively agreed wage and salary increases, the GfK said.

The propensity to buy continued to lag behind income development, the agency said. The corresponding index slid to -15.3 from -15.0 in February.

The very low level of the propensity to buy is an indication that uncertainty among consumers is extremely high and they tend to put their financial resources aside, said GfK.

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