Latest data released by GfK - 25 March 2021

  • Prior -12.9; revised to -12.7

There is some improvement to German consumer morale but the extended lockdown and worsening virus situation clouds the outlook as we look towards Q2. Keep in mind the survey period (3-15 March), which is before the extension of the lockdown to 18 April.

GfK notes that:

"Another hard lockdown will seriously damage the consumer climate and the current improvement will remain a flash in the pan. A sustained recovery in consumer sentiment will continue to be a long time coming, which means difficult times fore retailers and manufacturers."