Business News Asia
According to a recent report from market research institute GfK, German consumer confidence is continuing its upward trend in February due to falling energy prices. The Consumer Confidence Index, which measures consumers’ willingness to spend, increased to -33.9 in February from -37.6 in January. Although the index fell short of analysts’ predictions of -33.0, the positive trend is expected to continue.
According to GfK’s consumer experts, lower prices for energy such as gasoline and heating oil have been a key factor in easing consumer concerns. However, they also warned that the German economy will still face challenges in 2023.
GfK’s report suggests that the German economy is showing signs of improvement and that consumers are becoming more optimistic about their financial situation. Despite the ongoing pandemic and related economic difficulties, the falling energy prices are helping to boost consumer confidence and spending.
It’s important to note that, even though the index rose, it is still negative which indicates that consumers are still uncertain about their future financial situation and the overall economic situation.