Germany’s Gfk Consumer Sentiment for October fell from -25.6 to -26.5. In September, economic expectations rose from -6.2 to -3.4. Income expectations ticked up from -11.5 to -11.3. Propensity to buy rose slightly from -17.0 to -16.4. Propensity to save jumped from 0.5 to 8.0, highest since April 2011.
“This means that the chances of a recovery in consumer sentiment this year have probably fallen to zero,” explains Rolf Bürkl, GfK consumer expert. “The reasons for this are a persistently high inflation rate due to sharply rising food and energy prices. Consequently, private consumption will not be able to positively contribute to overall economic development this year.”
