Consumer confidence in Germany is projected to decline in December, from November's negative 18.4 to negative 23.3 points, missing expectations, according to a report released on Wednesday by market research company GfK SE and the Nuremberg Institute for Market Decisions (NIM).
The economic expectations indicator was predicted to observe another hit and drop by 3.8 points month-on-month to negative 3.6 points. Meanwhile, the income expectations indicator fell by 17.2 points to negative 3.5 points, a nine-month low.
"Consumer uncertainty has increased again recently, as evidenced by the rising willingness to save. There is also another uncertainty factor: concerns about job security in Germany are growing. The reasons for this are certainly the job cuts reported by industry and the relocation of production abroad. In addition, the number of insolvencies has risen recently. In short, the consumer climate remains poor," NIM's consumer expert Rolf Buerkl noted.
