German consumer confidence picks up

28th June 2004, Comments 0 comments

28 June 2004 , NUREMBERG – German consumer confidence picked up in June, the country's leading consumer market research company reported Monday added to hopes that the recovery could soon strengthen in Europe's biggest economy.

28 June 2004

NUREMBERG – German consumer confidence picked up in June, the country's leading consumer market research company reported Monday added to hopes that the recovery could soon strengthen in Europe's biggest economy.

The GfK market research company in Nurember said the overall index improved to 4.8 points, from 4.7 points in May.

But a number of individual categories showed noteworthy gains, with the main index on consumers' view of the economy rising six points and the index on their income expectations improved by 3.5 points, GfK said.

Even better news concerned the readiness to buy more expensive goods, with this indicator jumping 16.6 points to its highest level since the end of 2001.

But despite these improvements, the overall consumer climate in Germany was still not particularly positive, GfK said. Many consumers were still not yet ready to start opening their purses.

The slight rise in consumer confidence follows on the disappointing business confidence data issued late last week by the ifo-institut in Munich, which reported that the June index fell for a second straight month and to its lowest level in nine months.

 

DPA

Subject: German news

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