German GfK Consumer Confidence (May) -33.3 vs. Exp. -29.5 (Prev. -28.0)
- Consumer sentiment is once again declining as a result of the war in Iran.
- Income expectations are decreasing sharply, and the willingness to buy is also noticeably more pessimistic. The willingness to save, meanwhile, has declined slightly but remains at a high level.
- Respondents view the development of the German economy over the next 12 months less positively than in the previous month. The indicator drops another 6.8 points to -13.7. This is a level similar to that recorded in April 2022 at the start of the war in Ukraine.
Context
The GfK Consumer Confidence index for Germany in May registered a significant decline to -33.3, much worse than the expected -29.5 and the prior -28.0. This sharp drop indicates growing pessimism among consumers, which could have negative implications for economic growth and influence monetary policy direction in the Eurozone.
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