GfK: German consumer confidence plunges to record low in May
German consumer confidence plunged to a record low in May due to the coronavirus pandemic, GfK said in a report published on Thursday. The German institute noted consumer confidene is in “freefall” as its consumer climate index for May plummeted to a negative 23.4 points, marking a 25.7 point drop from April’s figure of 2.3 points.
“Given that the economy is largely frozen, this unprecedented cliff dive is hardly surprising. Retailers, manufacturers and service providers must prepare for a tough recession in the immediate future,” Gfk consumer expert, Rolf Buerkl, stated. “Since it now seems evident that the easing of the COVID-19 containment measures will be very slow in order to take a cautious approach, the consumer climate can expect to face tough times in the coming months too,” he added.
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