Germany Consumer Confidence

Germany’s GfK Consumer Climate Indicator rose to -24.1 heading into February 2026, up from a near two-year low of -26.9 in the prior period, topping market forecasts of -25.8. Income expectations rebounded sharply (5.1 vs -6.9 in January), signaling easing pressure on household finances. Economic expectations also strongly picked up (6.6 vs 1.2), pointing to a much more optimistic outlook. Further, the willingness to buy improved (-4.0 vs -7.5), as inflation concerns waned. Meanwhile, the propensity to save slipped from its highest level since mid-2008 (17.9 vs 18.7). “With the current increase, the consumer climate has recovered a significant portion of the strong losses from the previous month. However, the level remains low,” said Rolf Buerkl, head of consumer climate at NIM. He cautioned that the upturn remains fragile amid geopolitical tensions and uncertain trade conditions, adding that it is unclear whether the positive trend can be sustained in the coming months.