German Consumer Confidence Falls Again as Economic Worries Prompt Saving
German consumer sentiment declined for the second straight month, as rising economic uncertainty led households to tighten their spending and prioritize saving, according to a survey released on Thursday.
The consumer climate index, jointly published by GfK and the Nuremberg Institute for Market Decisions, dropped to -21.5 in its August forecast, down 1.2 points from July’s figure.
The drop was sharper than expected, with economists previously forecasting a reading of -20.0.
The findings indicate that German consumers are becoming increasingly cautious, holding back on purchases as economic concerns grow, and shifting toward a more conservative financial approach.
