German consumer mood survey detects tiniest speck of hope

As the country begins to loosen the restrictions that helped it contain the coronavirus pandemic, German consumers are finally displaying a slightly improved mood. The market research company GfK writes that its mood index rose 4.2 points for June to -18.9. While the result is clearly good news, the company was quick to point out that this was the second lowest value it had ever recorded in its entire history. Compared to the same period last year, for example, the result was 45 points higher. But at the very least, a bottom appears to have been reached, at least for now, seeing as the likelihood German consumers going out and consuming again rose out of negative territory by ten points to 5.5. GfK's consumer specialist Rolf Burkl said the majority of those polled thought the country's economy was in trouble and expected a severe recession was on the way. Their fears of job losses continues to dominate their thinking, which is ruining their appetite for going out to shop. If unemployment could be kept relatively in check, he said, this would help the general mood of consumers.