Business News Asia
GfK announced today that German consumer sentiment will fall to a record low for the third month in a row in September. Households are preparing to cope with energy costs that have shot through the roof.
The GfK consumer climate index, which is calculated by surveying around 2,000 Germans, fell to -36.5 in September, having reached a record low of -27.7 in July and dropped further to -30.9 in August.
“Concerns about dramatically higher energy costs in the coming months are forcing many households to be cautious and save money for future energy costs. Doing so has worsened consumer confidence. Because there is less money left for other purchases,” said GfK expert Rolf Berkel.
GfK warned that the situation could worsen in the coming weeks and months if there is not enough fuel. Gas for heating, in particular, will drive up electricity costs even more.