Germany’s GfK Consumer Climate Indicator is forecast to fall -1.9 pts to -23.6 in September 2025 (from -21.7), marking a third straight monthly decline amid weakening income and economic expectations.

• Income expectations dropped -11.1 pts to 4.1, the lowest since March 2025, reflecting rising fears of unemployment and job insecurity.

• Economic expectations fell -10.1 pts to -7.4, their lowest in six months, as concerns over tariffs, inflation, and weak domestic momentum grew.

• Willingness to buy edged down -0.9 pts to -10.1, remaining near rock-bottom levels last seen in February 2025.

• The savings indicator slipped slightly to 15.8 (from 16.4), but remained elevated, signaling continued consumer caution.

• Inflation expectations rose for a second month, reflecting geopolitical risks and concerns over higher energy prices.