German consumer expectations for November fall versus October

Consumer confidence in Germany for November deteriorated compared to that for October, data published by GfK, a NielsenIQ company, and the Nuremberg Institute for Market Decisions, NIM, showed Tuesday.

For November, the consumer climate indicator is estimated to have declined to minus 24.1 points from minus 22.5 in October, which had been up from minus 23.5 in September. November's estimated indicator was worse than FXStreet-cited expectations of minus 22.0, while October's indicator underperformed against GfK's own estimate of minus 22.3.

Rolf Burkl, head of Consumer Climate at NIM said: "The ongoing tense geopolitical situation, increasing fears of inflation, and again growing concerns about jobs are destroying hopes for a short-term recovery in consumer climate."

For October, the indicator for willingness to buy edged up to minus 9.3 points from minus 11.6 in September, while willingness to save fell to plus 15.8 points in October from plus 16.1 in September.

Economic expectations rose to plus 0.8 points in October from minus 1.4 in September, while income expectations deteriorated to plus 2.3 points in October from plus 15.1 in September.

The survey period for the current analysis was from October 2 to October 13. The results are based on around 1,000 consumer interviews conducted on behalf of the European Commission.