Consumer Climate Remains at a Low Level

Nuremberg, 24 July 2026 – Consumer Climate in Germany has decreased slightly this month by 0.3 points, remaining at a low level. Based on consumers’ expectations for August, the indicator stands at -29.6 points (previous month revised: -29.3 points). The slight decline is primarily attributable to lower income expectations and a greater willingness to save. In comparison, the willingness to buy and economic expectations have increased slightly. This is shown by the latest results of the NIM Consumer Climate powered by GfK.

Income expectations weaken again

Consumers’ income expectations, which had been improving steadily over recent months, are now easing slightly once again. The indicator has fallen by 2.3 points to -14.5. Overall, people are taking a rather pessimistic view of their financial situation over the next twelve months. 

Willingness to save remains high

The decrease in the willingness to save observed at the start of the year did not continue in July. The indicator increased by 3.1 points and now stands at 17 points. In a long-term comparison, the current figure is very high: Over the last ten years, the average willingness to save stood at around -24 points. This shows that, given the general economic situation, people currently consider it advisable to save. 

Willingness to buy rises moderately 

The willingness to buy rose moderately by 3.5 points to -9.9 points, thereby contributing to the stabilization of Consumer Climate. Although consumers currently regard the timing for major purchases as slightly more favorable than in the previous month, the indicator remains at a low level overall. This indicates that the willingness to spend continues to be dampened by existing uncertainties. 

“Consumer Climate remains largely unchanged,” explains Rolf Bürkl, Head of Consumer Climate at NIM. “Although the willingness to buy has risen moderately, it remains very subdued. Income prospects have seen another slight decrease, whilst the willingness to save has picked up moderately once again. The ongoing uncertainty means that many households remain cautious about spending.”

Economic expectations are brightening slightly, but inflation concerns persist 

Consumers’ economic expectations have improved for the third month running. The indicator has increased by a further 2.4 points to -6.3 points. Pessimism has continued to ease. Nevertheless, the majority of consumers expect the economic situation to deteriorate over the next twelve months.

With the expiry of the fuel subsidy at the end of June, prices at the pumps have risen noticeably, which is reflected in consumers’ price expectations. The corresponding indicator rose slightly by 0.8 points to -2.1 points, signaling that inflation concerns have recently increased somewhat again.

Planned publication dates in Q3/Q4 2026 (CET):

• Thursday, August 27, 2026, 8:00 a.m.
• Friday, July 24, 2026, 8:00 a.m.
• Thursday, August 27, 2026, 8:00 a.m.
• Friday, September 25, 2026, 8:00 a.m.
• Wednesday, October 28, 2026, 8:00 a.m.
• Thursday, November 26, 2026, 8:00 a.m.
• Friday, December 18, 2026, 8:00 a.m.

About the Method

The survey period for the current analysis was from July 2 to July 13. The results are extracted from the “NIM Consumer Climate powered by GfK” study and are based on around 2,000 consumer interviews conducted on behalf of the European Commission. The report presents the indicators in the form of graphics accompanied by brief comments. Consumer sentiment refers explicitly to all private consumer spending. However, depending on the definition used, retail accounts for only about 35 percent of private consumer spending.

The three indicators used to calculate the consumer climate indicator:

• Income expectations: Shows how consumers rate the development of their household’s financial situation over the next 12 months.
• Willingness to save: Reflects consumers’ opinion on whether it is currently advisable to save, given the general economic situation.
• Willingness to buy: Shows the extent to which consumers consider it favorable to make major purchases (furniture, electrical/electronic appliances, etc.) given the general economic situation.

Macroeconomic indicators:

• Economic expectations: Determines consumers’ assessment of how the general economic situation in Germany will develop over the next 12 months.
• ·Price expectations: Asks how consumers believe consumer prices will develop over the next 12 months compared to the past 12 months.

Note on the indicators: These are subjective sentiment indicators, not direct behavioral data. Actual behavior (purchases, saving, income) also depends on liquidity, necessity, prices, and individual circumstances.

NIM Consumer Climate powered by GfK

The Consumer Climate survey, which is being conducted regularly since 1974 and monthly since 1980, is regarded as an important indicator of German consumer behavior and a guiding light for Germany’s economic development. Since October 2023, the Consumer Climate data collected by GfK has been analyzed and published jointly with the Nuremberg Institute for Market Decisions (NIM), the founder of GfK. 
As part of a reorganization of responsibilities, starting in April 2026, the NIM took over not only the evaluation and analysis of the Consumer Climate but also all communication related to it. From this point on, the publication is published under the name “NIM Consumer Climate powered by GfK” thereby returning organizationally in full to the NIM, which was responsible for the study until 1984 (then known as GfK Verein).

The data will continue to be collected by NIQ/GfK on behalf of the NIM. The methodology, data collection, and analysis remain unchanged.

Media Contact: 

NIM: Sandra Lades, T +49 911 95151 989, sandra.lades@nim.org
 

Nuremberg Institute for Market Decisions 

The Nuremberg Institute for Market Decisions (NIM) is an independent, non-university-affiliated economic research institute. We examine the consumer climate and consumer behavior as a driving force of the economy. Based on academic excellence, we formulate concrete recommendations to help politics, businesses, and society make better decisions.
We finance our research with our own funds.
The Nuremberg Institute for Market Decisions is the founder of GfK.
Further information at www.nim.org/en and LinkedIn.

GfK – a NielsenIQ company

For 90 years, clients around the world have trusted us to provide data-driven answers to key questions for their decision-making processes. We support their growth through our comprehensive understanding of buying behavior and the dynamics that influence markets, brands, and media trends. In 2023, industry leaders GfK and NielsenIQ have merged to offer their clients unparalleled global reach. With a holistic view of retail and the most comprehensive consumer insights, provided by forward-looking analytics on state-of-the-art platforms, GfK is driving “Growth from Knowledge.” More information is available at www.nielseniq.com.

NielsenIQ (NYSE: NIQ) is a leading consumer intelligence company, delivering the most complete and trusted understanding of consumer buying behavior and revealing new pathways to growth. By combining an unmatched global data footprint and granular consumer and retail measurement with decades of AI modeling expertise, NIQ builds decision systems that help companies turn complex data into confident action. With operations in more than 90 countries, NIQ covers approximately 82% of the world’s population and more than $7.4 trillion in global consumer spend. Through cloud-based platforms, advanced analytics and AI-driven insights, NIQ delivers The Full View™—helping brands and retailers understand what consumers buy, why they buy it, and what to do next.  
For more information, please visit www.niq.com

Sandra Lades (legally responsible for content according to the German press laws)
Head of Communication & Events
Nürnberg Institut für Marktentscheidungen e. V.
Founder of GfK
Steinstr. 21 / 90419 Nuremberg / Germany
T: +49 911 951519-89
E: sandra.lades@nim.org