The survey results published by GfK Group and the Nuremberg Institute for Market Decisions (NIM) showed that the forecast consumer sentiment index for October rose to -21.2 points from -21.9 points in September (revised from -22.0 points). Economists had expected an increase to -21.5 points.
"The recent slight improvement in the consumer climate can be interpreted more as stabilization at a low level. The consumer climate has not improved since June 2024, when it reached -21 points. Therefore, a slight increase cannot be interpreted as the beginning of a noticeable recovery. Consumer sentiment in general is too unstable for this. In addition to well-known negative factors such as wars, crises and inflation, the labor market has been added to the list of factors in recent months," said Rolf Bürkl, consumer expert at NIM.
GfK said that in September, the willingness to save component increased by 1.3 points, which prevented a clearer recovery in the consumer climate. Meanwhile, the income expectations component increased by 6.6 points to 10.1 points. However, this means that it can only make up part of the enormous losses of over 16 points in the previous month. The willingness to buy component rose by 4.0 points to -6.9 points (the highest value since March 2022). Despite the current increase, the level of the willingness to buy is still extremely low. Meanwhile, the economic expectations indicator fell by 1.3 points, to 0.7 points. It thus shows exactly the same value as in April of this year.