Study: GfK: Consumer sentiment brightens somewhat in January

study
GfK: Consumer sentiment brightened somewhat in January

According to the GfK study, consumer sentiment brightened somewhat in January. Photo: Carsten Koall/dpa

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Omikron is spreading rapidly, but apparently the current wave of the pandemic is no longer having too much of an impact on people’s mood to consume. Nevertheless, according to consumer researchers, there is still some reluctance.

Irrespective of the galloping number of infections in the wake of the Omicron pandemic wave, consumer sentiment brightened again somewhat at the turn of the year.

Compared to December, the economic and income expectations as well as the propensity to buy have improved in January, according to the Nuremberg consumer research company GfK based on its monthly survey. Despite the slight improvement: The desire to buy is still being slowed down by the pandemic – not least due to the mask requirement and the 2G regulations that have been in force up to now in parts of the retail trade.

In autumn, the consumer climate in Germany had fallen noticeably for two months in a row. The propensity to save is still pronounced – and is currently preventing a clear increase in the consumer climate. However, the Germans assumed that incomes would rise again. On the one hand, a majority believe in collective agreements that are favorable for consumers. On the other hand, many apparently hoped for a relaxation in the price increase.

Hope for price stability

“Despite rising incidences and inflation, consumers are somewhat more optimistic at the beginning of the year,” said GfK consumer expert Rolf Bürkl. The hopes rest mainly on the prices. The recently strong inflation could level off somewhat because the VAT reduction expired in January 2021. Despite this basis effect, consumers’ price expectations remain significantly higher than in recent years, said Bürkl. “In addition, the experts assume that the pandemic situation can be expected to ease in the spring, which will lead to the lifting of a number of restrictions,” he emphasized.

Overall, he assumes that the future prospects for consumption will depend primarily on the course of the pandemic. “If the infection situation calms down in spring so that restrictions can be lifted, the long-awaited recovery in the domestic economy will also take place,” said Bürkl optimistically.

dpa

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