德国10月消费者信心指数小幅回升 但结构性压力仍存

Core Viewpoint - The GfK consumer confidence index in Germany for October recorded -22.3, showing a slight improvement from the revised -23.5 in the previous period and exceeding market expectations of -23.3, indicating a potential stabilization in consumer sentiment after several months of decline [1] Summary by Categories Consumer Sentiment - The consumer confidence index has improved for the first time in several months, suggesting a temporary end to the downward trend in consumer sentiment [1] - The index reflects a significant improvement in consumers' expectations regarding income, which has risen for the second consecutive month, indicating increased optimism about personal income growth [1] Economic Outlook - Despite the improvement in income expectations, the overall economic outlook has worsened, with the index dropping from 2.7 to -1.4, marking the third consecutive month of decline, primarily due to concerns over stagnant economic growth [1] Purchasing and Saving Behavior - The willingness to purchase continues to weaken, with the index for October at -11.6, down from -10.1, indicating a fourth consecutive month of decline in purchasing intentions [1] - Conversely, the savings willingness has slightly increased from 15.8 to 16.1, reflecting signs of a weakening labor market [1] Expert Commentary - Rolf Buerkl, head of GfK consumer confidence, noted that while consumer confidence has temporarily ended its downward trend, the sustainability of this rebound is highly uncertain due to geopolitical tensions, employment concerns, and inflation fears that may hinder a full recovery in consumer confidence [1]