Germany’s GfK Consumer Climate Indicator inched up to -29.2 heading into July 2026 from a revised -29.7 in June, a weaker improvement than the consensus forecast of -27.6. According to Rolf Bürkl, Head of Consumer Climate at NIM, sentiment is stabilizing, but at a very low level.
Income expectations recovered modestly, gaining 0.8 points to reach -12.2. Nonetheless, households remain less confident about their future finances than they were before the Iran conflict. Economic expectations also improved, rising by 2.5 points to -8.7, indicating a slight easing of pessimism even though most consumers still expect deteriorating economic conditions over the coming 12 months.
By contrast, willingness to buy dipped to -13.4 from -13.2, underscoring that consumers continue to view the current environment as unfavorable for major purchases. The propensity to save was unchanged at a historically high 13.9. Meanwhile, price expectations declined by 2.5 points to -2.9, helped by easing geopolitical tensions and lower crude oil prices.
