Allemagne Confiance Des Consommateurs

Germany’s GfK Consumer Climate Indicator edged up to -22.3 heading into October 2025 from a marginally revised -23.5 in the previous period, surpassing market expectations of -23.3. The income outlook improved sharply (15.1 vs 4.1 in September), extending gains for the second month on stronger bets of higher earnings. However, economic expectations fell again (-1.4 vs 2.7), marking the third straight drop amid concerns over stagnant growth. Willingness to buy also weakened for the fourth month (-11.6 vs -10.1), while the propensity to save was a bit higher (16.1 vs 15.8), reflecting signs of a softer labor market. “The consumer climate is now ending its downward trend—at least for the moment,” said Rolf Buerkl, Head of Consumer Climate at NIM. He cautioned that it remains highly uncertain whether this signals the start of a lasting turnaround, noting that geopolitical risks, job concerns, and rising inflation fears are likely to stand in the way of a recovery for the time being.