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The consumer climate in Germany weakened slightly in July. Also as a result of Brexit in the United Kingdom, the Consumer Climate overall indicator forecasts 10.0 points for August, down from 10.1 points in July. Economic and income expectations suffered losses, while propensity to buy increased slightly again.
German consumers, too, have evidently been affected by the Brits' decision to leave the EU. This is signaled by the decline of both economic and income expectations. In contrast, propensity to buy was able to exceed its already very high level.
Economic outlook somewhat dampened by the referendum
For the first time after three successive increases, the economic expectations of German consumers have suffered a setback. The indicator lost 8.6 points in July and is now at 9.4 points, noticeably weakening the positive trend seen over the last few months.