德国GfK消费者气候指标从8月小幅修订的-21.7降至2025年9月的-23.6，低于市场预测的-22.0，达到4月以来的最低水平。这一下降是由于收入预期大幅下降（4.1比15.2），这是自3月以来的最低点，因为对就业保障、通胀预期上升和美国关税政策影响的担忧加剧。经济预期也大幅下降（2.7比10.1），连续第二个月降至六个月低点，因为今年复苏的希望逐渐消退。与此同时，购买意愿连续第三个月恶化（-10.1对-9.2），创下2月以来的最低水平。储蓄倾向略有下降（15.8比16.4），几乎没有支持。NIM消费者气候主管Rolf Bürkl表示：“随着连续第三次下降，消费者信心现在肯定处于夏季低迷状态。”。他补充说，通胀、能源成本和地缘政治风险的不确定性继续给家庭带来压力。
Germany’s GfK Consumer Climate Indicator fell to -23.6 heading into September 2025 from a marginally revised -21.7 in August, missing market forecasts of -22.0 and hitting its lowest since April. The decline was driven by a sharp drop in income expectations (4.1 vs 15.2), the weakest since March, as concerns grew over job security, rising inflation expectations, and the impact of U.S. tariff policies. Economic expectations also slumped (2.7 vs 10.1), down for a second month to a six-month low as hopes for a recovery this year faded. Meanwhile, the willingness to buy deteriorated for the third month (-10.1 vs -9.2), notching its lowest since February. The propensity to save eased slightly (15.8 vs 16.4), offering little support. “With the third consecutive decline, consumer sentiment is now definitely in the summer slump,” said Rolf Bürkl, Head of Consumer Climate at NIM. He added that uncertainty over inflation, energy costs, and geopolitical risks continues to weigh on households.
