Germany’s GfK Consumer Climate Indicator is forecast to edge down -0.3 pts to -20.3 in July 2025, ending a three-month improvement streak, as increased savings dampen consumer sentiment.

• The June rise to -19.9 was revised down slightly to -20.0.
• The savings willingness index rose +3.9 pts to 13.9, its highest level in over a year, reflecting persistent uncertainty.
• Income expectations improved +2.4 pts to 12.8, supported by wage gains and upcoming pension increases.
• Economic expectations jumped +7.0 pts to 20.1, the highest since February 2022, amid optimism over fiscal stimulus and GDP growth forecasts.
• Willingness to buy remained weak, up just +0.2 pts to -6.2, as geopolitical and trade uncertainties continue to weigh on consumer spending.