German consumer confidence is set to fall in January due to the severe lockdown measures introduced to withstand the second wave of Covid-19 infections, survey results from the market research group GfK showed Tuesday.
The forward-looking consumer sentiment index fell to -7.3 in January from -6.8 in December. The score was forecast to drop to -8.8.
“Currently, the savings indicator is primarily responsible for the third decline in a row in the consumer climate,” Rolf B?rkl, GfK consumer expert said. “With the hard lockdown and the closing of most stores, the consumer climate has to cope with another setback.”
Among sub-components of the consumer climate index, economic expectations and propensity to buy gained from November, while income expectations deteriorated in December.
After two straight declines, the economic expectations index rose 4.6 points to 4.4 in December.
In contrast to the economic expectations, the income expectations declined in December. The indicator slipped to 3.6 points from 4.6 a month ago. Meanwhile, the propensity to buy index gained 6.1 points to 36.6 in December.
The material has been provided by InstaForex Company – www.instaforex.com
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