GfK remarks about its poll on German consumer activity

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  • One third of Germans see their financial situation worsening in the next 12 months

This ties back to one of the hardest things to quantify about the impact of the virus outbreak and lockdown restrictions. People who have lost their jobs - and many of those that didn't - will be facing safety and financial pressures, thus reducing their ability to spend.

Not to mention the general uncertainty surrounding the situation across the globe will make non-discretionary spending less attractive during this time.

We'll only likely find out about this in a few months from now or maybe even next year, but understanding this change is going to be key to try and form a view on how the world and global economy is going to shape up over the next few years.