The mood of German consumers develops in mixed ways in July this year. Income expectations and propensity to buy are able to maintain their extremely good level while economic expectations continue their clear downwards trend. GfK forecasts a decrease in consumer climate for August compared to the previous month of 0.1 points, taking it to 10.6 points.

It seems that the escalating trade conflict between the EU and the United States is so far only adversely affecting German consumers' economic expectations, which are suffering renewed significant losses and continuing their downward spiral. In contrast, both income expectations and the propensity to buy have so far remained unaffected by the conflict and maintain their already excellent level in July. Since the propensity to save has risen recently, the overall consumer climate shows a slight fall.