Germany: Consumer climate slightly gloomier

Nuremberg / DE. (gfk) Late summer has seen a slightly gloomier consumer climate this year. While buying propensity remained generally stable, the economic outlook and income expectations were slightly down on their previous strong position. Following the revised 8,5 points in August, the consumer climate forecast for September is 7,6 points. Along with the prevailing economic risks such as the strong Euro and rising interest rates, the unexpected turmoil in the international financial markets has affected the economic outlook in August, putting a damper on the euphoria of prior months. In addition, an increase in the price of some food products, for example dairy foods and bread and bakery goods, induced consumers to revise their income expectations downwards. However, buying propensity remained largely unaffected by these developments, virtually holding its current level with comparatively low losses (full text).