German consumer morale demonstrates the strongest reading since 2001

German consumer morale demonstrates the strongest reading since 2001

German consumer morale edged up heading into February to its highest value since 2001, underpinned by customers’ perceptions of a boom in the EU’s number one economy, a poll published on Thursday disclosed.

Household spending has turned to be a key source of economic expansion in this European country as customers derive benefits from record-high employment, strengthening job security, soaring wages as well as low borrowing costs.

As the Nuremberg-based GfK institute informed, its consumer sentiment indicator, built around a poll of 2,000 Germans, tacked on to 11.0 points going into February versus the previous month’s outcome of 10.8. As for the Reuters consensus estimate, respondents had hoped for a reading of 10.8.

German customers are actually making a very optimistic start to this year, as some financial experts told.

Customer’s readiness to purchase rallied from 57.1 to 60.4.

 

 

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