Consumer Climate Restrained After Summer High
26/09/2007 08:11
PR Newswire
NUREMBERG, Germany, September 26 /PRNewswire/ --
- Findings of the German GfK Consumer Climate Study for September 2007
The high level of the consumer climate in the summer months has not been
sustained in September. All three main indicators of the consumer mood are
slightly down. Due to the most recent developments of the consumer climate,
GfK has decreased its forecast growth of private consumption from 1.0 to 0.6%
for 2007 as a whole. Following the revised 7.4 points in September, the
consumer climate forecast for October is 6.8 points.
As was already evident in August, the positive consumer mood has been
affected by the rather more gloomy conditions of late. Above all, the credit
crisis in the USA and rising food prices are responsible for the somewhat
less euphoric consumer attitudes. In addition, increasingly critical comments
mean higher skepticism amongst consumers.
After a further slight drop, German economic expectations are now
approaching the same level as at the beginning of the year. Compared with
48.4 points in August, the indicator lost 7.7 points and now stands at 40.7
points, which is still 28.3 points up on the same month last year.
After a decline in August, consumer income expectations have again
slightly dropped by 6.9 points to 2.3 points, their lowest value since
February this year. Compared with September 2006, however, the indicator is
still up by 11.1 points.
After last month's buying propensity indicator remained largely untouched
by growing consumer skepticism, it has now fallen from 6.4 to -2.4 points.
After considerable losses which were to some extent in the prior month,
further slight losses of consumer mood indicators resulted in a declining
consumer climate for the second consecutive month.
Marion Eisenblätter
Tel. +49-(0)911-395-2645
marion.eisenblaetter@gfk.com
Marion Eisenblätter, Tel. +49-(0)911-395-2645, marion.eisenblaetter@gfk.com