(Finance) – Expected worsening German consumer confidence in the month of December 2024. THE’GFK indexbased on the survey conducted this month, highlights a value of -23.3 pointscompared to -18.4 in October (data revised from a preliminary of -18.3). The reading is even worse than analysts’ expectations who estimated a drop in sentiment to -18.8 points.
They also get worse expectations on the situation economicalwith the indicator falling by 3.8 points to -3.6 points. The indicator fell by 1.3 points propensity to purchase which stands at -6 points. The one on income expectations it drops by 17.2 points and is positioned at -3.5 points.
“The final weeks of the year end with a significant setback in consumer sentiment. The -23.3 points measured for December are the lowest level since May this year (May 2024: -24 points). Consumer sentiment in Germany is therefore currently at a level comparable to the end of 2023,” he explained Rolf Burklconsumer expert at the NIM. “Consumer uncertainty has increased again recently, as evidenced by the growing propensity to save. There is also another factor of uncertainty: Concerns about job security in Germany are growing. The reasons for this are certainly the job cuts jobs announced by the industry and the relocation of production abroad. Furthermore, the number of insolvencies has increased recently. In short, consumer sentiment remains poor.”