Germany’s GfK Consumer Climate Indicator edged up to -29.2 heading into July 2026 from a revised -29.7 in June, marking a smaller improvement than the expected -27.6. Rolf Bürkl, Head of Consumer Climate at NIM, noted that consumer sentiment is currently stabilizing at a low level. Income expectations recovered slightly, rising by 0.8 points to -12.2, although consumers remained less optimistic about their future finances than before the Iran conflict. Economic expectations also improved, increasing by 2.5 points to -8.7, suggesting that pessimism eased despite most consumers still anticipating weaker conditions over the next 12 months. Meanwhile, willingness to buy slipped to -13.4 from -13.2, indicating that consumers still view the timing for major purchases as unfavorable. The propensity to save was unchanged at 13.9, remaining historically elevated, while price expectations fell by 2.5 points to -2.9, supported by easing geopolitical tensions and lower crude oil prices.

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