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DE: GfK Consumer Climate
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Index | -21.8 | -22.5 to -21.5 | -24.1 | -22.3 | -22.5 |
Highlights
German consumer sentiment weakened in November as households grew more pessimistic about their financial prospects. The consumer climate index slipped to minus 24.1 points, reversing earlier optimism and signalling ongoing pressure on consumer activity. Income expectations were the key driver of this decline, dropping almost 13 points to 2.3, the lowest level since March, as inflation fears, geopolitical tensions, and renewed job insecurity eroded confidence. This setback effectively wiped out gains made the previous month, suggesting that optimism remains fragile.
Other sentiment components offered only limited relief. Willingness to buy rose slightly to minus 9.3, yet remains firmly negative as high energy and food costs constrain spending power. Meanwhile, savings attitudes were essentially unchanged, indicating that households continue to hold back rather than redirect spending.
Economic expectations showed a modest improvement, climbing to 0.8 points and ending a three-month slide. Even so, the current level points to stagnation rather than recovery, aligning with forecasts of minimal growth in 2026. Overall, the renewed decline in income prospects outweighs marginal improvements elsewhere, confirming that German consumers remain cautious and that demand-driven support for the economy is likely to stay weak in the near term.
Market Consensus Before Announcement
The consensus looks for a slight improvement in the consumer sentiment index to minus 21.8 in November from minus 22.3 in October.
Definition
GfK's consumer climate survey asks around 2,000 German consumers every month about their assessment of economic conditions. The questions focus on economic and income expectations and consumers' willingness to buy. Having calculated the differences between the positive and negative responses for each question the results are synthesized into a single number that reflects overall consumer expectations for the coming month.
Description
Any insight into household expenditure is vital to understanding how the economy as a whole is shaping up. The monthly correlation between the GfK consumer gauge and actual spending is not especially high but trends in the index can offer useful information about potential underlying developments in consumer behavior. As a forward looking indicator, the GfK index is one input used by analysts in the construction of their forecasts of future German retail sales.