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Business

German consumer confidence hits new high

Confidence among German consumers has reached a new peak, a fresh monthly barometer has shown. GfK market researchers said a robust jobs market played a significant role, with wages steadily rising.

The German spending mood is at a 13-year high, a closely watched barometer conducted by market research group GfK showed on Thursday.

The forward-looking monthly consumer index hit the 10-point mark in April, up from 9.7 points the month before, the Nuremberg-based group said.

GfK noted the positive development was mainly attributable to a

continuously robust labor market

in Europe's economic powerhouse, characterised by low unemployment and rising wages across many industries.

Spending spree not over yet

GfK expert Rolf Bürkl said that with more money left in their pockets, consumers were willing to spend more. He added that only a minority was really concerned about the possibility of Greece exiting the euro area, the so-called 'Grexit.'

The majority of people polled do not view the Grexit scenario as being specifically frightening," Bürkl told reporters. "They can't imagine Greece's potential departure from the eurozone having a big impact economically." Bürkl hastened to add, though, that he personally didn't think Greece would drop out of the 19-member single-currency bloc.

The GfK said it expected its benchmark index to rise even further in the months ahead, noting that the elderly in the country could also look forward to a rise in pensions by well over 2 percent this year.

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