German consumer confidence declines further in November

A GfK survey released on Tuesday indicated that German consumer sentiment is expected to weaken further heading into November, pressured by a sharp decline in income expectations.

The GfK consumer sentiment index dropped to -24.1 for November from a downwardly revised -22.5 in October, falling short of economists’ forecasts for a -22.0 reading.

The deterioration was largely driven by a steep fall in income expectations, which plunged nearly 13 points to 2.3 – the lowest level since March 2025 – erasing the strong gains recorded in the previous month.

Persistent geopolitical tensions, renewed inflation worries, and rising concerns over job security continued to weigh on household confidence, dimming prospects for a near-term rebound in consumer sentiment.