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8.10 am.: Partial closure dampens consumer mood and raises fear of bankruptcy
The partial lockdown weighs on consumer confidence in Germany in the run-up to Christmas. The consumption barometer published by GfK of Nuremberg indicates a fall of 3.5 points to minus 6.7 points for December. That is the lowest level since July. Regarding their personal future, almost half of the citizens are “very or rather very worried”, according to the market researcher.
“The lockout light significantly affected consumer confidence in November,” said GfK expert Rolf Bürkl. Retail stores remained open, “but the renewed closure of hotels, restaurants and events, as well as tourism, which is still on the ground, are having a difficult time affecting the consumer climate.” The fear of losing your job also affects your propensity to use.
According to Bürkl, the subsequent course of the infection process will largely determine whether the consumer climate can stabilize again: “Only a notable decrease in the number of infections and a relaxation of restrictions will provide more optimism.”
Bankruptcies are expected, for example, in gastronomy, the hotel industry or events. “Despite considerable financial support from the government, several companies in these areas will probably not survive and will have to declare bankruptcy,” Bürkl said.
