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German consumer confidence set to rise in March

Christian Fernsby |
German consumer confidence is set to improve in March, survey results from the market research group GfK showed on Thursday.

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Topics: GERMAN   

The forward-looking consumer sentiment index rose more than expected to -12.9 in March from revised -15.5 in the previous month.

The expected level was -14.3.

"Consumers are recovering somewhat from the shock that hit them after the hard lockdown in mid-December," Rolf Bürkl, GfK consumer expert, said.

"The recent drop in the number of infections and the vaccination campaigns that have started are fueling hopes that the measures will be relaxed soon," Bürkl added.

Economic and income expectations and the propensity to buy showed increases in February after the lockdown-induced slump at the beginning of the year. Moreover, a fall in propensity to save also contributed to the improvement in consumer confidence.

The economic expectations came in at 8.0, up from 1.3 in January. After four consecutive declines, the income expectations index rose to 6.5 in February from -2.9 in the previous month.

At the same time, the propensity to buy climbed to 7.4 from 0 a month ago, the survey showed.

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