According to the report from GfK, in the wake of the collapse caused by the lockdown at the beginning of the year, February has seen consumer sentiment start to recover. Both economic and income expectations have increased, along with propensity to buy. As a result, GfK is forecasting a decrease of 12.9 points in consumer sentiment for March 2021, up 2.6 points from February this year (revised from -15.5 points). The index was expected to be -14.3.

In addition to increasing income expectations and propensity to buy, the boost in consumer sentiment in Germany was also prompted by a decline in propensity to save. 

"Consumers are recovering to some extent from the shock they suffered after the tough lockdown in mid-December. The recent dip in infection rates and the launch of the vaccination program are fueling hopes of a speedy easing of measures," says Rolf Bürkl, consumer expert at GfK.

Both economic and income expectations have more than compensated for the previous month's losses. After plummeting by up to 37 points at the beginning of the year, propensity to buy has recovered around one-fifth of its losses from last month, with an increase of 7.4 points. The indicator currently stands at 7.4 points – over 46 points lower than the same time last year.