By and large, German consumers are still taking a relaxed view of the escalation of the geopolitical situation. This confidence continued essentially unabated in May. Economic expectations remained the same and income expectations increased slightly. In contrast, propensity to buy suffered a downturn. GfK forecasts a decrease in consumer climate for June compared to the previous month of 0.1 points, taking it to 10.7 points.

The termination of the nuclear agreement with Iran by the American President did not have a particularly negative effect on the mood of consumers. Economic and income expectations remained stable at a good level in May, although the propensity to buy was slightly less euphoric. As a consequence, the consumer climate suffered minimal losses.