The survey results published by GfK Group and the Nuremberg Institute for Market Decisions (NIM) showed that the forecast consumer sentiment index for February fell to -22.4 points from -21.4 points in January (revised from -21.3 points). Economists had expected growth to -20.0 points.
"The few hopes of a cautious recovery in the consumer climate that emerged after the rise in the previous month were dashed. Since the middle of last year, we have seen a stagnating trend at best, while in the first half of 2024 the signs were still pointing to recovery. A sustainable recovery in the consumer climate is currently not in sight, especially as the inflation rate has also risen again recently,” said Rolf Bürkl, consumer expert at NIM.
GfK said that in January, the willingness to save component increased by 2.3 points to 8.2 points.
Meanwhile, the income expectations component decreased by 2.5 points to -1.1 points. Last December, it had still gained 4.9 points. The willingness to buy component fell by 3.0 points to -8.4 points. This is the lowest value since August 2024, when -10.9 points were measured. The inflation rate in Germany has recently increased again and this is likely to have had a dampening effect not only on income prospects but also on consumer spending. Meanwhile, the economic expectations indicator fell by 1.9 points to -1.6 points. According to official data, the German economy shrank by 0.2% last year and the growth prospects for this year are also rather moderate.