German consumers are once again becoming more pessimistic about the development of the country’s economy and their own income and are therefore planning to make fewer purchases in the coming months, writes the magazine Wirtschafts Woche on September 2, citing the results of a monthly study by the Deutschen Retail Association (HDE).
“Current macroeconomic conditions do not favour private consumption. Given these developments, it cannot be assumed that private consumption will recover this year. There is no growth stimulus in sight for the retail sector.”says the HDE study.
Without private consumption as a driver of growth, the future economic outlook is also a cause for concern. According to experts, a decline in Germany’s gross domestic product is possible.
The study reported that German consumer confidence recovered somewhat in the first half of 2024 and rose for several months in a row, but the upward trend petered out in July and the index has continued to decline since then.
According to the magazine, the German retail association surveys 1,600 people each month about their purchasing and saving habits, their financial situation and other factors related to consumption.
Source: Rossa Primavera
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