Germany’s GfK Consumer Climate Indicator is forecast to decline -1.2 pts to -21.5 in August 2025 (from -20.3), marking a second straight monthly drop as saving behavior rises and willingness to buy weakens.

• The savings indicator rose +2.5 pts to 16.4, a 17-month high, reflecting persistent uncertainty and caution.
• Income expectations increased +2.4 pts to 15.2, the fifth monthly rise, amid falling inflation (now at 2.0%) and solid wage/pension growth.
• Willingness to buy dropped -3.0 pts to -9.2, the lowest since February, as consumers remain hesitant despite better income prospects.
• Economic expectations plunged -10.0 pts to 10.1, ending a 5-month streak of gains, as concern over US tariffs and weak visibility clouds outlook.