German consumers to start new year in high spirits

Frankfurt am Main: German consumers’ festive mood will continue into the new year, a closely-watched survey said on Friday, as shoppers remain unfazed by a political impasse in Europe’s purring top economy.
Market research firm GfK said its forward-looking poll of around 2,000 people climbed by 0.1 points to reach 10.8 for January, in line with analyst expectations. “Consumers are ending 2017 in high spirits,” GfK said in a statement, with strong confidence in the economy promising “excellent” prospects for 2018.
The survey found that Germans expected their income to rise in the near future, bouncing back from the more pessimistic outlook seen in previous months.
Their willingness to make large purchases meanwhile dipped slightly below December’s level but remains “in great shape”, according to GfK, thanks to record-high employment and low interest rates.
The pollster noted that respondents were especially upbeat about the future state of the German economy, with growth expectations hitting a three-and-a-half-year high. — AFP