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3/26, 8:00 AM (Source: TeleTrader)
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GfK: German consumer confidence tumbles in March

German consumer confidence dropped significantly in March due to the coronavirus pandemic, GfK said in a report published on Thursday. The German institute said that the consumer climate indicator slid to 2.7 compared to the February figure of 8.3, its lowest since May 2009.

Economic expectations fell by 20.4 points in March, slipping to -19.2, while the indicator for income expectations stood at 27.8, 13.4 points lower than last month. The propensity to buy lost 22.2 points to drop to 31.4 points.

"In light of the current development, we are withdrawing our consumer forecast of one percent growth for 2020. Retailers, manufacturers and service providers must prepare for a recession," Gfk's consumer expert Rolf Burkl said. "How severe this recession will be will ultimately depend on when the economy finds its way back to normality. A reliable forecast regarding consumption can only be made once we can predict how long the protective measures to combat corona will remain in place."

Breaking the News / MD