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DE: GfK Consumer Climate
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Index | -28.0 | -29.5 to -25.6 | -28.0 | -24.7 | 24.8 |
Highlights
Germany's GfK consumer climate survey for April showed weaker consumer sentiment with the index falling to minus 28.0 from minus 24.8 in March. This is lowest level for this index since March 2024, with this weakness attributed to concerns about the impact of the Iran conflict.
The survey's measure of income expectations fell from plus 6.3 to minus 6.3, while its measure of economic expectations dropped from plus 4.3 to minus 6.9. Respondents reported that their willingness to spend remains low and their willingness to save remains high, citing the impact of high energy prices on their ability to make large discretionary purchases.
Market Consensus Before Announcement
As in the Ifo, consumers are gloomier. The consensus sees Gfk index down at minus 28.0 in April from minus 24.7 in March.
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.