Germany Gfk Consumer Sentiment for October dropped from -36.5 to -42.5, below expectation of -38.8. That’s also a new record low. In September, economic expectations dropped from -47.6 to -21.9, lowest since 2009. Income expectations dropped from -45.3 to -67.7, a record low since 1991. Propensity to buy dropped from -15.7 to -19.5, lowest since 2008.
“The current very high inflation rates of almost eight percent are leading to large real income losses among consumers and thus to significantly reduced purchasing power,” explains Rolf Bürkl, GfK consumer expert.
“Many households are currently forced to spend significantly more money on energy or to set money aside for significantly higher heating bills. Accordingly, they need to cut back on other expenses, such as new purchases. This is sending consumer sentiment plummeting to a new record low.”
