German consumers’ mood is perking up heading into October, a regular survey published Thursday found, untroubled as yet by a slowing economy and threats like Brexit and a transatlantic trade war.
Pollsters GfK predicted a slight increase in their monthly barometer for next month, adding 0.1 points to reach 10.6.
‘Not only the weather is showing its sunny side in September, but also the consumer mood,’ the research firm said in a statement.
Looking to different elements of the survey, people’s view of the economic outlook and expectations for their own income saw strong increases.
Many observers expect the German economy to slow slightly in the second half of the year from the 0.5 percent quarter-on-quarter pace it booked between April and June.
But that has had little effect on the picture on the ground, with unemployment in August at record lows since the country’s reunification – boosting the public’s view both of the economy overall and of their own prospects.
Meanwhile, although people surveyed were slightly less open to making major purchases in this month’s survey, GfK noted that the reading ‘remains at a high level’.
‘Private consumption is proving itself as an important pillar of economic developments in Germany. That’s especially important when looking at the trade conflict of the European Union with the US,’ GfK judged.
Looking ahead to the full year, the pollsters expect consumer spending to grow by around 1.5 percent compared with 2017.