Financial News: German Consumer Sentiment To Hit 31-Month High In

German Consumer Sentiment To Hit 31-Month High In November

10/29/2024 - 04:03:00 (RTTNews)

(RTTNews) - Germany's consumer confidence is set to recover more strongly in November to hit a more than two-and-a-half-year high as both income expectations and the willingness to buy show a back-to-back improvement, a survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions (NIM) showed on Tuesday.

The forward-looking consumer sentiment index rose to -18.3 in November from a revised value of -21.0 in October.

This is the highest value since April 2022, although the level of consumer climate still remains low, the GFK said.

Nonetheless, German households are once again somewhat more pessimistic about overall economic development.

The income expectations index rose by 3.6 points to 13.7 points as they are slightly more optimistic about their own household's future financial situation regarding the next 12 months.

The index regarding willingness to buy improved by 2.2 points and stood at -4.7, which was the highest level in more than two and a half years. On the other hand, their economic expectations fell further by 0.5 points and came in at 0.2.

Despite the rise, the overall weak level of consumer climate caused by crises, wars, and rising prices is still very much present and is preventing factors like real income growth that encourage consumption, Rolf Bürkl, consumer expert at NIM, said.

"Reports of a rising number of company insolvencies and plans to cut jobs or relocate production abroad are also preventing a more significant recovery in consumer sentiment."

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