German consumer confidence rose in July on income expectations
GfK market research institute and the Nuremberg Institute for Market Decisions (NIM) released a survey today showing that the German consumer confidence index rose to -29.2 points in July from -29.7 points in June, as household income expectations improved.
However, the willingness to spend remained in negative territory, while the propensity to save remained high and showed no signs of declining.
Analysts said consumer confidence is currently stabilizing at a low level, with no signs of returning to pre-war levels.
The survey conducted from June 4-15, 2026 showed the following sub-indices:
- Economic expectations index stood at -8.7 points in June, up from -11.2 points in May, but sharply lower than 20.1 points in June last year. This index reflects the assessment of the general economic situation over the next 12 months.
- Income expectations index stood at -12.2 points in June, up from -13.0 points in May, but down from 12.8 points in June last year. This index reflects expectations about changes in household financial situations over the next 12 months.
- Willingness to buy index stood at -13.4 points in June, slightly down from -13.2 points in May, and down from -6.2 points in June last year. This index shows the difference between positive and negative answers to the question: "Do you think now is a good time to make major purchases?"
- Willingness to save index remained unchanged at 13.9 points in June, the same level as in May and June last year.
The consumer confidence index forecasts the progress of actual private consumption in the following month. A positive value means private consumption has expanded compared to the same period last year, while a negative value means private consumption has contracted.
GfK stated that a one-point change in the index reflects a 0.1% change in private consumption compared to the previous year.
