Germany Gfk consumer sentiment for August dropped from -27.7 to -30.6, below expectation of -28.2. That’s another record low since the start of the series in 1991. In July, economic expectations dropped from -11.7 to -18.2. Income expectations dropped from -33.5 to -45.7. Propensity to buy dropped from -13.7 to -14.5.
“In addition to concerns about disrupted supply chains, the war in Ukraine and soaring energy and food prices, there are now worries about sufficient gas supplies for businesses and households next winter. This is currently causing consumer sentiment to hit rock bottom,” explains Rolf Bürkl, GfK consumer expert. “Especially as a tight supply of natural gas is likely to add to the pressure on energy prices and thus inflation.”