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GERMAN DATA: Consumer Confidence Rises Slightly, Job Concerns Weigh

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

The GfK Consumer Climate for Germany rose slightly in the January print, to -21.3 points. While the rise was not strong enough to reverse December's 4.7 point drop to -23.1, the print points towards some stabilization at a weak level - "in addition to the positive developments in income expectations and the willingness to buy, a declining willingness to save is contributing to the slight recovery of the consumer climate", GfK comments.

  • However, on the indicator for willingness to buy, job concerns are starting to weigh, GfK also adds. This comes as the German labour market saw its most significant employment decline since the initial pandemic hit in Q3 and some large-scale employers in the industrial sector have announced job cuts recently.
  • The German retail association reports this year's holiday season to be mixed at best for the time being - underlining the continuing subdued level of confidence amongst consumers.
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The GfK Consumer Climate for Germany rose slightly in the January print, to -21.3 points. While the rise was not strong enough to reverse December's 4.7 point drop to -23.1, the print points towards some stabilization at a weak level - "in addition to the positive developments in income expectations and the willingness to buy, a declining willingness to save is contributing to the slight recovery of the consumer climate", GfK comments.

  • However, on the indicator for willingness to buy, job concerns are starting to weigh, GfK also adds. This comes as the German labour market saw its most significant employment decline since the initial pandemic hit in Q3 and some large-scale employers in the industrial sector have announced job cuts recently.
  • The German retail association reports this year's holiday season to be mixed at best for the time being - underlining the continuing subdued level of confidence amongst consumers.