German consumers are seemingly unimpressed by Brexit, a gathering international trade war or perpetual crisis in the Berlin coalition, according to the monthly survey of the GfK market researchers published on Thursday.
Optimism about the economy and future income remained high, the Nuremberg-based GfK said.
“This is down to most people not observing any effects on their own situation,” analyst Rolf Buerkl said. “If I do not have any fear of losing my job, my confidence in planning for major purchases rises.”
Buerkl noted that this impacted willingness to go into debt as well.
While the GfK consumer confidence indicator slipped slightly by 0.1 percentage point to 10.5 points, expectations on both the economy and income have risen.
GfK analysts are expecting a rise in confidence in October, and for the whole of 2018 they predict that private consumption will rise 1.5 per cent in real terms on the back of a strong labour market.
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