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German: Survey shows drop in consumer optimism |
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2004-7-29
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According to a market survey report, the German consumer climate index fell to 3.9 points in July from 4.8 points in June and 4.9 points in May.
The report anticipates an overall climate index to fall to 3.4 points in August. Signs of revival last month in consumer sentiment failed to appear in July.
As per the report the economic expectations index, which measures consumers'' optimism about the economic outlook, fell 8.5 points to minus 20.5 in July.
The index measuring consumers'' expectations about their own incomes fell 7.5 points to minus 14, it said. The index measuring consumers'' willingness to spend fell 13 points to minus 37.4 in July.
The report implied that more and more citizens were convinced that they were the losers of the reform debate. Hence, there was reluctance to spend money.
Expectation of price rise among consumers was also one of the factors for decelerating the consumer demand. Therefore, the verdict was clearly on the walls - that consumer spending would not provide any support for the economic recovery during the year.
A pick-up in domestic demand can only be expected when consumers feel the labour market is improving and become less worried about their financial prospects, conveys the report.
About 2000 persons participated in the consumer climate survey polls carried out on behalf of the European Commission. |
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