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Saturday, November 27, 2021

Economy: Buying mood dropped to a nine-month low

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The consumer climate is currently being gripped by sides: let inflation and corona. Researchers see the prospects for the upcoming Christmas season subdued.

The researchers at the Nuremberg consumer research company GfK have dampened the prospects for the upcoming Christmas business due to the influences of the fourth corona wave and the comparatively high inflation.

“The consumer climate is currently being gripped from two sides,” said GfK consumer expert Rolf Bürkl. The propensity to buy has fallen to a nine-month low – a lower level was last noted in February 2021.

In the current GfK consumption study, the economic expectations indicator fell for the second time in a row. This is still higher than a year ago, when Germany went into a long winter lockdown. But also well below the value from the summer of this year. Bürkl blamed the semiconductor and supply chain bottlenecks, among other things, for the weaker development. In the case of consumer electronics products and automobiles, this means that production has to be throttled.

The expectation of Germans about the development of their incomes has also fallen to the lowest level since April. The production restrictions, some of which lead to short-time working, are a reason for this as well. A second is inflation, which leads to reduced purchasing power.

For the study, GfK conducted around 2000 consumer interviews on behalf of the EU Commission from November 4 to 15 as part of the “GfK Consumer Climate MAXX” study. The study is repeated monthly.

Source From: Stern

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