German consumer confidence drops over Brexit, other concerns

A new study shows German consumers are growing more pessimistic amid growing concerns about the global economic downturn, trade conflicts and Brexit.

The forward-looking GfK consumer climate index dropped to 9.6 points for November, down 0.2 points over October, the Nuremberg-based company said Friday.

In underlying figures, consumers’ economic expectations dropped to minus 13.8 in October from minus 9 in September, their income expectations dropped to 39 from 46.8, and their propensity to buy dropped to 51.7 from 55.1.

GfK says: “besides known risk factors such as the global economic downturn, trade conflicts and Brexit chaos, there are increasing reports of job losses, such as in the automotive industry and on the financial markets… these events have dampened the mood of consumers again and optimism is dwindling.”