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11/26/2020, 8:01 AM (Source: TeleTrader)
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GfK: German consumer confidence down in Nov.

Consumer confidence in Germany further worsened in November, GfK said in its report published on Thursday, moving the forecast for December down from -3.2 points to -6.7 points pulled by the implemented partial lockdown. The figure dropped more than originally expected.

The economic expectation indicator declined 7.3 points to -0.2, reaching its lowest figure since May, mostly due to "lockdown lite." Income expectations also suffered setbacks in November, with the indicator losing 5.2 points to land at 4.6. The propensity indicator dropped 6.5 points to 30.5, and is considered "satisfactory" according to the GfK.

"Though stores will remain open, the renewed shutdown of the hotel, restaurant and events industry - as well as the already struggling tourism industry - has had a serious impact on the consumer climate. As a result, any hope we still had in the early summer of rapid recovery is now lost. Growing uncertainty has once again led to an increase in propensity to save, another factor which has contributed to the decline in the consumer climate," consumer expert Rolf Burkl noted in the report.

Breaking the News / ND