Rising corona numbers apparently dampen buying mood

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Pedestrian zone on Norderney: Willingness to purchase expensive goods is unbroken

In view of the virus crisis in Germany, which has not yet been over, the consumer climate index of the market research company GfK has fallen. After three clear increases in a row, the Nuremberg market researchers predict a decline in their barometer for September - by 1.6 points to minus 1.8 points.

"Rising numbers of infections and the fear of tightening the corona-related restrictions are creating uncertainty and consequently depressing the mood," commented GfK expert Rolf Bürkl on the monthly survey of around 2000 consumers.

The hope that the VAT cut that came into force in July would support the propensity to consume also resonated with this. Bürkl assumes, however, that the reduction is currently not yet a strong impetus: "Whether it is just a temporary clouding of consumer sentiment depends above all on the further development of the infection process and the necessary measures to be taken by politicians."

Uncertainty about future income

The uncertainty among consumers is particularly evident when it comes to their income expectations, which have now subsided again after three increases in a row. Nevertheless, the willingness to purchase expensive goods such as cars, computers or furniture is unbroken: The corresponding GfK barometer rose by 1.2 points: at 43.7 points, the indicator is only a good five points below the previous year's value.

The Nuremberg consumer researchers draw the following conclusion: "Consumers continue to assume that the German economy can work its way out of the worst recession of the post-war period, even with the help of extensive economic stimulus packages." However, this assumes that the increase in the number of infections comes to a standstill and that no drastic measures to contain the pandemic or even a second lockdown are necessary.

dab / Reuters