Germany Consumer Confidence November 2020

Germany

Germany: Consumer confidence expected to fall in November on lockdown fears

October 22, 2020

Consumer confidence is expected to tumble to minus 3.1 in November from minus 1.7 in October as sentiment took a hit from the ongoing pandemic and renewed restrictive measures.

The projected downtick in the headline reading came on the back of marked declines in economic and income expectations in October—backward-looking data for October was released at the same time and underpins the November estimate. Economic expectations nosedived as consumers assess that the economic recovery began to slow amid the second wave of infections. As a consequence, income expectations also dropped as renewed restrictions to curb the spread of the virus weigh on the economy and thereby, employment and income. Furthermore, propensity to buy dipped as well.

FocusEconomics Consensus Forecast panelists expect private consumption to fall 5.8% in 2020. For 2021, panelists see private consumption growing 4.8%.


Author:, Economist

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Germany Consumer Confidence November 20 20

Note: GfK Consumer Climate Index.
Source: The GfK Group


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