德国GfK消费者气候指标从上个月的-20.3降至2025年8月的-21.5,低于市场预期的-19.2,为4月以来的最低水平。这一下降反映了消费者日益悲观,储蓄倾向攀升至2024年2月以来的最高水平(16.4对7月的13.9),购买意愿连续第二个月下降(-9.2对-6.2)。经济预期也大幅下降(10.1比20.1),结束了连续五个月的改善。NIM消费者专家Rolf Buerkl表示:“消费者信心的复苏继续推迟,因为储蓄意愿再次上升。”他补充说,普遍的不确定性、为困难时期做好准备的必要性以及高粮价是关键因素。尽管如此,在稳固的工资协议和通胀缓解的支持下,收入预期连续第五个月有所改善,达到一年来的最高点(15.2比12.8)。
Germany’s GfK Consumer Climate Indicator slipped to -21.5 heading into August 2025 from -20.3 in the previous month, missing market expectations of -19.2 and marking the lowest reading since April. The decline reflected growing consumer pessimism, with the propensity to save climbing to its highest level since February 2024 (16.4 vs 13.9 in July) and willingness to buy declined for a second consecutive month (-9.2 vs -6.2). Economic expectations also dropped sharply (10.1 vs 20.1), ending a five-month streak of improvement. “The recovery in consumer sentiment continues to be postponed, because the willingness to save has risen again,” said NIM consumer expert Rolf Buerkl, adding that general uncertainty, the need to prepare for difficult times, and high food prices were key factors. Still, income expectations improved for the fifth straight month, reaching a one-year high (15.2 vs 12.8), supported by solid wage agreements and easing inflation.