Economic Buzz: Germanys Gfk Consumer Confidence Falls To Record Low

28 Jun 2022 , 02:06 PM

Germanys consumer confidence dropped to a new record low in July as consumers see the risk of the economy slipping to a recession, survey results from the market research group GfK showed. The consumer confidence index fell to -27.4 in July from revised -26.2 in June. The score was forecast to fall to -27.6. All the three components of the consumer confidence index weakened in June. The economic expectations index dropped 2.4 points to -11.7 in June. Consumers see the risk of recession. Supply chain problems and the war dampen production and high inflation is weighing on private consumption. The income expectations index declined more sharply by 9.8 points to -33.5 in June, the lowest score in almost 20 years. Amid falling economic and income expectations, the propensity to buy slid 2.6 points to -13.7 in June. Households have to pay more for energy and food, leaving less financial resources for larger purchases.Powered by Commodity Insights