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German consumer confidence down

October 28, 2015

German consumers fear the unabated influx of refugees will have negative consequences for the national economy, at least short-term. This is born out in the most recent consumer confidence index by market researchers.

Shoppers in Germany
Image: picture-alliance/dpa/E. Rahe

Europe's refugee crisis is dampening consumer confidence in Germany, GfK market researchers said Wednesday while presenting their latest forward-looking monthly barometer for November.

The group said shoppers worried about the economic consequences of the huge influx of migrants for the domestic labor market.

"The good mood seen among consumers in recent months is slowly waning," GfK said in a statement, pointing out that its November barometer slipped to 9.4 points from 9.6 points in October.

Jobs at risk?

GfK expert Rolf Bürkl said a large proportion of respondents expected unemployment to rise in the months to come. The group's index worsened for the third month in a row, bringing the monthly index to the lowest level since February.

While the refugee influx weighed heavily in consumers' assessment of economic prospects in the country, only 8 percent of those polled expected drastic fallout from German carmaker Volkswagen's cheating scandal.

The majority of respondents believed the company would fully clear up the scandal and make provisions for litigation and repair costs while not seeing their future sales dented to an extent that would force the auto maker to slash a considerable number of jobs.

hg/pad (Reuters, AFP, dpa)