German consumer sentiment declined for a second consecutive month, as economic uncertainty prompted consumers to save rather than spend, according to a survey released Thursday.
The consumer-climate index published by research groups GfK and the Nuremberg Institute for Market Decisions fell to minus 21.5 in its forecast for August, dropping 1.2 points from July’s reading.
The decline was worse than anticipated, as economists polled had expected a reading of minus 20.0.
The survey results suggest German shoppers are becoming more cautious with their spending amid growing economic concerns, preferring to save money rather than make purchases.
