Despite virus mutants: recovery from December shock through hard lockdown
Regardless of the uncertain corona situation, consumer sentiment in Germany recovered slightly in February. In its latest consumption study, the German consumer research company GfK found improvements in both consumer confidence and expectations of future income, as GfK announced in Nuremberg on Thursday.
“Consumers are recovering somewhat from the shock that hit them after the hard lockdown in mid-December. The recent drop in the number of infections and the vaccination campaigns that have been started are fueling hopes that the measures will be relaxed soon,” said GfK consumer expert Rolf Bürkl.
However, he also warned against being overly optimistic. “There will only be a sustained recovery in the propensity to buy and thus also in the consumer climate when the hard lockdown is ended and shops, hotels and restaurants reopen,” said the expert. “If, on the other hand, the measures are even extended again, the chances of a swift recovery will diminish and the consumer climate will continue to face difficult times.”
After falling four months in a row, German income expectations rose again in February. However, expectations are still well below those of the previous year. The background is the hope for higher incomes after the end of the lockdown.
Germans are also currently optimistic about the economy. The indicator is currently even higher than the previous year – a point in time when the effects and severity of the pandemic could not even be predicted.
