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Consumer climate in Germany collapsed sharply at the beginning of 2024: financial experts worried
According to a report from stadt-bremerhaven.de, the consumer climate in Germany experienced a noticeable setback right at the beginning of the year, according to market researchers from GfK. Both economic and income expectations as well as the propensity to buy are showing declines, leading to a decline in consumer sentiment to -29.7 points, a decline of 4.3 points compared to the previous month. Consumers' propensity to save for January 2024 has risen to the highest level since August 2008, while income expectations have fallen to the lowest level since March 2023. The continued high inflation, wars and crises in the world continue to unsettle German consumers. Increased C02 emissions and the...
Consumer climate in Germany collapsed sharply at the beginning of 2024: financial experts worried
According to a report by stadt-bremerhaven.de,
According to market researchers from GfK, the consumer climate in Germany experienced a noticeable setback right at the beginning of the year. Both economic and income expectations as well as the propensity to buy are showing declines, leading to a decline in consumer sentiment to -29.7 points, a decline of 4.3 points compared to the previous month. Consumers' propensity to save for January 2024 has risen to the highest level since August 2008, while income expectations have fallen to the lowest level since March 2023. The continued high inflation, wars and crises in the world continue to unsettle German consumers.
Increased C02 taxes and the increase in the VAT rate in the catering industry could place additional burdens on consumers. This could lead to an increase in prices and further weaken income expectations, affecting the propensity to buy. The economic outlook for the next 12 months is also viewed more pessimistically.
As a financial expert, I see a potential impact on the market and the financial industry here. Lower income expectations and consumers' increased propensity to save could lead to reduced consumer demand, which could have a negative impact on retail and other consumer-related industries. The increased consumer concern about C02 taxes and the VAT increase in the catering industry could also lead to changes in consumer behavior as people would have to spend more on everyday goods. This could potentially lead to a shift towards cheaper options or a general reduction in consumption.
Overall, current developments in the consumer climate could have an impact on consumer confidence, consumer demand and companies in consumer-related industries. It is important to keep an eye on these developments and, if necessary, take appropriate measures to mitigate any negative impacts.
Read the source article at stadt-bremerhaven.de