German Consumer Morale At Lowest Since 2009
Umer Jamshaid 9 days ago Thu 26th March 2020 | 12:44 PM
German consumer confidence has hit its lowest level since the last global economic crisis, a key survey found Thursday, as Europe's top economy braces for the impact of COVID-19
Nuremberg, Germany, (UrduPoint / Pakistan Point News - 26th Mar, 2020 ) :German consumer confidence has hit its lowest level since the last global economic crisis, a key survey found Thursday, as Europe's top economy braces for the impact of COVID-19.
"The sharp rise in infections in Germany and the associated measures and restrictions have caused the consumer climate to collapse," GfK said.
The survey of some 2,000 people found that respondents were especially pessimistic about Germany's economic growth prospects, as efforts to stem the outbreak force shops, restaurants and other businesses to close, while the export-driven nation's global supply chains are in disarray.
1-trillion-euro ($1.2 trillion) rescue package to cushion the impact.
With many workers placed on reduced hours or even fearing unemployment, the survey also reported a steep drop in income expectations, which fell to their lowest level in seven years.
Anxious shoppers are also far less likely to purchase large items in the coming weeks, it found.
But the pollster warned that all retailers should brace for a difficult time in the medium and long term.