GfK consumer climate index falls significantly again
German consumers' optimism waned noticeably in October. Around three quarters of consumers currently assume that Covid-19 represents a major or very major threat and around half are very or very worried about their personal future. Both economic and income expectations as well as the propensity to buy have to accept losses. Consequently, GfK forecasts a value of -2020 points for November 3,1, 1,4 points less than in October this year (revised -1,7 points). These are the results of the GfK consumer climate study for October 2020.
“The rapidly increasing number of infections is leading to tightening of pandemic-related restrictions. “In addition, the fear of another lockdown is increasing if the infection rate gets out of control in the coming winter months,” explains GfK consumer expert Rolf Bürkl. “The partly strong recovery in sentiment from early summer this year has come to a standstill and is causing the consumer climate to slide again. An increasing propensity to save in October also contributed to this.”
