German consumer sentiment to rebound in August

German consumer sentiment to rebound in August

GfK Consumer Climate Indicator to hit -24.4 points in August, suggesting consumer pessimism fading with hope of declining inflation rates

By Tuba Ongun

ANKARA (AA) - German consumer morale in August is expected to fully recover from the prior month's losses, according to a GfK institute survey on Thursday.

Market researcher GfK is forecasting minus 24.4 points for consumer sentiment in August, up from a downwardly revised minus 25.2 in July, with income expectations set to hike.

The propensity to buy and the propensity to save, on the other hand, remain virtually unchanged compared with a month earlier.

The decrease in pessimism is owing to the hope of declining inflation rates, said Rolf Burkl, a consumer expert for Nuremberg-based GfK.

"This has somewhat improved the chances of consumer sentiment resuming its recovery course. However, the level will still remain low in the coming months, and private consumption will therefore not be able to make a positive contribution to overall economic development," he added.

Income expectations rose 5.5 points month-on-month to minus 5.1 points in August, the highest level since the start of the Russia-Ukraine war.

Economic expectations continued to remain at 3.7 points in August, following an easing in the prior two months.​​​​​​​

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