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Even during the corona lockdowns, consumer sentiment was better
Photo: Nicolas Armer/ dpa
The slump in consumption in Germany has reached a new peak due to high inflation and the uncertainties resulting from the Ukraine war.
The Nuremberg-based consumer research company GfK announced on Wednesday that the record low of the past month had been undercut on the basis of its latest survey on consumer climate in Germany.
"Since the survey of consumer sentiment for all of Germany began in 1991, no worse value has been measured," said GfK.
Even during the lockdown phases of the corona pandemic, the mood was better.
In normal times, the consumer sentiment curve is stable around a value of 10. In the first corona lockdown, it fell to a low of around minus 24. GfK forecasts a value of minus 30.6 for August.
Most people worry about income
“In addition to concerns about disrupted supply chains, the Ukraine war and sharply rising energy and food prices, there are now fears about an adequate gas supply for businesses and private households next winter,” said GfK consumer expert Rolf Bürkl.
"This is currently depressing consumer sentiment," he emphasized.
The scarce natural gas supply – Russia has announced that it will halve its already reduced supplies – is likely to increase the pressure on energy prices and thus inflation.
Above all, when it comes to their income, people in Germany are very concerned.
The fears were triggered by the high energy costs, but also by the weakness of the euro against the dollar.
This makes German imports, which are paid for in dollars, more expensive and drives up inflation in the euro area.
As a result, the propensity to buy also decreases – the value here fell to its lowest level since October 2008 in the middle of the financial and economic crisis.
"If significantly more money has to be spent on energy and food, there are no funds for other purchases," says Bürkl.
On behalf of the EU Commission, GfK surveys around 2,000 people in Germany every month about the consumer climate.
It's not just about retail spending, it's also about spending on travel, services, health and wellness.
ani/AFP/dpa