STORY: The buying mood of the Germans brightened again shortly before the start of the hot phase of the Christmas business, but remains close to a record low. This is the result of Gfk’s monthly survey of 2,000 consumers. People’s concerns are still great, said GfK expert Rolf Bürkl: “Well, a very important factor for consumers at the moment is high inflation – especially the very high energy prices. But also food prices, which have been strong recently have increased. And of course that puts a strain on purchasing power. They have to accept losses in purchasing power – the households – and accordingly, when you think about income expectations, they are of course still very negative about the level.” In view of their customers’ loss of purchasing power due to high inflation, the majority of retailers are generally pessimistic about the Christmas business that is just beginning. According to the German Retail Association (HDE), 70 percent expect the situation to be worse than last year. Bürkl says: “Every year we do a survey where we also ask consumers what the Christmas presents are like. And consumers are telling us this year that they will spend a little less than last year. According to them, the decrease in expenditure will be about 8 percent. This is actually less than was initially feared. An even stronger slump was expected.” According to the Federal Statistical Office, consumers in particular with their spending have recently provided a noticeable impetus for the German economy. Despite record inflation and the expected recession in winter, it is doing surprisingly well.