BERLIN – German consumer confidence slipped slightly in the first major survey since September’s election, but overall showed little change over the previous month.
The GfK institute said Thursday its forward-looking confidence indicator dropped to 7.0 for November from 7.1 in October after the election “delivered exceedingly relaxed results.”
Incumbent Chancellor Angela Merkel’s conservative bloc won the election, but their pro-business coalition partners were voted out of Parliament. Merkel’s conservatives are now in talks with the centre-left Social Democrats to form a coalition.
GfK’s poll saw an uptick in economic expectations to 11.3 in October from 10.7 in September, indicating consumers believe the German economy will continue its recovery, albeit slowly.
But consumers’ income expectations dropped to 32.7 from 33.7, and willingness to buy dropped to 44.4 from 45.