Deutschland Verbrauchervertrauen

Germany’s GfK Consumer Climate Indicator slipped to -21.5 heading into August 2025 from -20.3 in the prior month, missing market consensus of -19.2 and marking the lowest print since April. The decline reflected growing consumer pessimism amid economic uncertainty, including concerns over U.S. tariffs on European goods. The propensity to save climbed to its highest since February 2024 (16.4 vs 13.9 in July), and willingness to buy fell for the second month in a row (-9.2 vs -6.2). Economic expectations also dropped sharply (10.1 vs 20.1), ending a five-month streak of increase. “The recovery in consumer sentiment continues to be postponed, because the willingness to save has risen again,” said NIM consumer expert Rolf Buerkl, adding that general uncertainty, the need to prepare for difficult times, and high food prices were key factors. Still, income expectations improved for the fifth month, reaching a one-year high (15.2 vs 12.8), lifted by solid wage agreements and easing inflation.