According to the GfK consumer climate study for November 2020, the mood among German consumers in November was considerably dampened by the second, partial lockdown. As in the previous month, both economic and income expectations and the willingness to buy declined.
“The renewed closure of the hotel, restaurant and event industry, as well as the already weakened tourism sector, has had a major impact on the consumer climate,” explains Rolf Bürkl, GfK’s consumer expert. “As a result, the hope we had placed in early summer for a rapid recovery has been lost. The growing uncertainty has led to a renewed increase in the propensity to save, which has also contributed to the decline in the consumer climate.”
This uncertainty is also reflected in the results of a recent GfK eBUS® study. According to the study, three out of four Germans (75 percent) believe that Covid-19 poses a significant or very significant threat to Germany. Eighteen percent believe that the threat is not so serious and only four percent believe that there is no significant threat at all. When it comes to their personal future in connection with Covid-19, consumers are less concerned. The percentage of optimistic respondents is similar to the more pessimistic – about 50 percent of respondents are not particularly or not at all concerned about the economic impact of the coronavirus pandemic on their own future. However, about 48 percent of the respondents indicated that they are either very worried or somewhat worried.