Experts Say, that Germans are Afraid of Unemployment and Lower Incomes Due the Coronavirus Pandemic
OREANDA-NEWS. The tightening of lockdown in the middle of the third wave of the coronavirus pandemic has sharply worsened consumer sentiment in Germany. The GfK Institute of Marketing in Nuremberg on Wednesday, April 28, predicted a decrease in the barometer of consumer sentiment in May by 2.7 points – to minus 8.8 points. «Hopes for the easing of restrictions and the revival of consumer activity were undermined», the experts stated.
Marketers from GfK noted, that the further restriction of contacts between people in April had a negative impact primarily on expectations related to the recovery of the market environment and revenue growth. «The third wave will lead to a further delay in the recovery of the domestic market situation. Consumption this year, as it was in 2020, will not be the mainstay of the market», – predicts the expert of the institute Rolf Bürkl.
According to GfK, the deterioration of the consumer climate was particularly strongly influenced by fears of a decline or loss of income and unemployment. In April, the corresponding indicator of the barometer fell by 13 points to 9.3 points. «There is reason to fear, that some businesses will go into bankruptcy», Buerkle said.
In Germany, as of April 28, 3,338,564 cases of coronavirus infection were registered. More than 82 thousand people were died.