Allemagne Confiance Des Consommateurs

Germany’s GfK Consumer Climate Indicator rose to -20.6 heading into May 2025, up from a slightly revised -24.3 in the previous period and outperforming market expectations of -26.0. This marked the strongest reading since November 2024, as optimism around the successful conclusion of coalition talks and the anticipated formation of a functioning government helped offset concerns about newly announced tariff hikes introduced just before the survey began in early April. Income expectations surged to their highest level since October (4.3 vs -3.1 in April), while willingness to buy improved for a second consecutive month (-4.9 vs -8.2). Economic expectations also strengthened for the third month in a row (7.2 vs 6.9). Meanwhile, the sharp drop in the propensity to save (8.4 vs 13.8) suggested increasing consumer confidence.