German consumer confidence still weak as saving levels jump
By Benjamin Chiou
Date: Thursday 26 Jun 2025
(Sharecast News) - Consumer confidence in Germany remained subdued over the past month, as an improving economic outlook was dampened by an increasing willingness to save money, according to the closely watched survey from market research firm GfK on Thursday.
The forward-looking consumer climate indicator, jointly published by NIQ/GfK and the Nuremberg Institute for Market Decisions (NIM), came in at -20.3 for July, down from -20.0 in June but slightly ahead of the 19.0 consensus forecast.
According to the survey, sentiment showed "no clear trend", as higher economic and income expectations were balanced by no change in consumers' willingness to buy and a 14-month high in the index measuring the propensity to save.
The savings indicator gained 3.9 points to 13.9, its highest since April 2024, while the willingness to buy measure rose just 0.2 points to -6.2.
"A high willingness to save among consumers is also an expression of their continuing uncertainty and thus a lack of planning security. The latter is particularly important for consumers when it comes to larger purchases or expenses. That is why the willingness to buy also suffers slight losses this month," said Rolf Bürkl, consumer expert at NIM.
Income expectations rose for the fourth straight month, up 2.4 points at 12.8, as a result of recent favourable wage agreements, like those in the public sector, while moderate inflation led to real increases in purchasing power.
Economic expectations also rose, up 7.0 points to 20.1, hitting its highest value since the outbreak of the Ukraine-Russia war in February 2022, helped by growing optimism around Germany's stimulus packages for defense and infrastructure.
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