Consumer climate Buying mood in Germany slips to a low point at the end of the year
Germans are holding on to their money like they haven't since the financial crisis. This is not all bad news for the Christmas shopping season.
19.12.2025, 08:22
SDA
At the same time, the buying mood in Germany at the end of the year is worse than it has been for months. The consumer climate survey conducted by research institutes GfK and NIM forecasts a significant drop of 3.5 points to -26.9 points for January compared to the previous month. According to the survey, consumers are increasingly worried about their income and want to save more.
At 18.7 points, the propensity to save climbed to its highest level since the financial and economic crisis in December, said NIM consumer expert Rolf Bürkl. "This is not positive news for the final spurt in this year's Christmas business and should also be seen as a false start to consumer sentiment in 2026."
Major purchases are falling away
The research institutes survey consumer sentiment on a monthly basis for the consumer climate, including income expectations for the next twelve months. In December, this indicator fell to -6.9 points. This was the third decline in a row. According to the experts, this could be due to the recent rise in inflation fears
This is also having an impact on planned purchases, which are being postponed or canceled altogether. For example, Germans' propensity to buy fell by 1.5 points to -7.5 points in December compared to the previous month.
In a longer-term comparison, the consumer climate thus continues to show weak values. Before the coronavirus pandemic, the indicator was stable in positive territory.
