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Financial News: German Consumer Confidence Set To Rise In November

German Consumer Confidence Set To Rise In November

10/27/2022 - 02:19:00 (RTTNews)

(RTTNews) - German consumer confidence is set to improve in November, survey results from the market research group GfK showed on Thursday.

The forward-looking consumer sentiment index rose to -41.9 in November, in line with expectations, from revised -42.8 in October.

As long as inflation remains high and there are concerns about energy supply, the consumer climate will not be able to recover noticeably and sustainably, said Rolf B├╝rkl, GfK consumer expert.

Among sub-indices of consumer confidence, the income expectations indicator rose 7.2 points to -60.5 in October. Likewise, the propensity to buy index gained two points to -17.5.

However, the economic expectations index dropped 0.3 points to -22.2 in October. Consumers assumed that Germany will slide into a recession. Experts confirmed this assessment and forecast that the gross domestic product will fall by around half a percent in 2023, GfK said.

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