German consumer sentiment set to deteriorate in November - GfK

(Sharecast News) - German consumer sentiment is expected to deteriorate in November, according to a survey released on Tuesday by GfK and the Nuremberg Institute for Market Decisions (NIM). The forward-looking October consumer climate index fell to -24.1 from a downwardly-revised 22.5 in October and versus expectations for a reading of -22.0.

The indicator for income expectations slumped to 2.3 in October from 15.1 the month before.

The willingness to buy indicator improved to -9.3 from -11.6, while the willingness to save indicator fell to 15.8 in October from 16.1 a month earlier.

The indicator for economic expectations came in at 0.8 this month, up from -1.4 in September.

Rolf Buerkl, consumer expert at NIM, said: "The ongoing tense geopolitical situation, increasing fears of inflation, and again growing concerns about jobs are destroying hopes for a short-term recovery in consumer climate."