German consumer confidence is set to weaken in May as rising cases of infections and the tightening of the lockdown weigh on consumption, survey results from the market research group GfK showed on Wednesday.

The forward-looking consumer sentiment index fell to -8.8 in May from revised -6.1 in April. The score was forecast to rise to -3.5.

“The third wave will ensure that the recovery of the domestic economy is still a long way off,” Rolf B?rkl, GfK consumer expert said. As in 2020, consumption will not be a pillar of the economy this year.

While the propensity to buy increased moderately, economic and income expectations logged significant losses in April.

The income indicator dropped 13 points to 9.3 points in April. In contrast to the income prospects, the propensity to buy has so far been resisting the third wave. After a plus of five points, the indicator rose to 17.3 points.

After a minus of 10.4 points, the economic expectations index fell to 7.3 points.

The material has been provided by InstaForex Company – www.instaforex.com

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