The current mood of German consumers is terrible. The retail analytics company GfK reports that the 47 point collapse in its consumer confidence index is the most severe the company has ever recorded. The data was collected during the first two weeks of April and GfK predicts a further 25.7 point drop in its barometer in May. The primary reason is the fear of losing their jobs. “The consumer mood is currently in free fall,” said GfK’s Rolf Bürkl. He went on to warn retailers and manufacturers that they should be prepared for a severe recession, especially since it appears that the time needed to deal with the Covid-19 pandemic will take place over an extended period of time.
