German consumer confidence is falling unexpectedly.
Germany's GfK Consumer Climate Index fell to -24.1 in November 2025, down from a slightly revised -22.5 in the previous period and below market expectations of -22.0. This was the lowest since April and was weighed down by a sharp drop in earnings expectations (2.3, compared with 15.1 in October, an eight-month low) due to rising inflation concerns, rising job security concerns and ongoing geopolitical tensions. In contrast, economic expectations increased for the first time in four months (0.8 vs -1.4), while willingness to buy increased slightly (-9.3 vs -11.6). Meanwhile, the desire to save also decreased slightly (15.8 compared to 16.1).
