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Financial News: German GfK Consumer Confidence To Rise In July

German GfK Consumer Confidence To Rise In July

06/25/2020 - 02:11:00 (RTTNews)

(RTTNews) - German consumer sentiment is set to recover next month reflecting the rapid reopening of the economy and society, survey results published by market research group GfK showed Thursday.

The forward-looking consumer sentiment index rose to -9.6 in July from revised -18.6 in June. The score was forecast to rise moderately to -12.

Both economic and income expectations, as well as propensity to buy, increased in June.

The economic expectations index rose 18.9 points to 8.5 points in June. Likewise, the income expectations indicator advanced 12.3 points to 6.6 points.

At the same time, the propensity to buy indicator gained 13.9 points to 19.4 points "The faint light at the end of the tunnel, which was already apparent last month, is apparently getting somewhat brighter," Rolf Bürkl, GfK consumer expert, said.

"The extensive support provided by the economic stimulus packages, such as the announcement of a temporary reduction in value-added tax (VAT), is certainly a contributing factor," Bürkl added.

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