The rollercoaster ride of news and emotions of recent years continues to shape Germans’ propensity to buy. However, in its consumer climate survey for January 2023, GfK observes German consumers starting 2023 with a little more optimism. Both economic and income expectations are continuing to recover and are rising noticeably. The propensity to buy is continuing its ups and downs in recent months and is currently falling slightly. GfK forecasts the consumer climate for Feb. 2023 to be -33.9 points, 3.7 points higher than in Jan. this year (revised -37.6 points).

Consumers’ income prospects remain on course for recovery. The indicator is increasingly leaving behind its record low of Sep. 2022, gaining 11.2 points in January 2023 and climbing to -32.2 points. This is the fourth increase in a row. Compared with the corresponding period of the previous year, however, the minus is still a good 49 points. In other words, the level of expectation is still very low.