According to the GfK Consumer Climate Study, after the recent uptick in interest, consumer confidence is taking a breather in July. Both economic and income expectations show moderate losses, while the propensity to buy may again be increasing slightly. As a result, GfK forecasts a -0.3 point change in consumer sentiment in August, the same value as in July of this year.
Although the economic and income outlooks are having to give up a small part of these gains after the strong increase in the previous month, the economic expectations are still showing to be at a rather extremely high level. In contrast, there was a slight increase recorded in the propensity to buy in July.
Rolf Bürkl, a GfK consumer expert commented on this observation: "The phase where the decrease of COVID-19 incidence of infection has come to an end and those figures are again on the rise. In addition, the momentum for vaccination has recently slowed down considerably, despite there being sufficient quantities of the vaccine available. This is currently preventing any further significant increase as it pertains to consumer sentiment."
In addition, the topic of inflation is once again moving more into consumer focus. Experience shows that rising prices have a negative effect on consumer sentiment, a fact that is easily observable right now.
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