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German consumer confidence unaffected by European Football Championships

After four months of some tentative improvement, German consumer confidence for July disappointed, falling to -21.8, from -21.0 in June. In June, the willingness to spend dropped, while the willingness to save increased. New economic uncertainty seems to be weighing once again on German consumer confidence.

Photo: Dreamstime

In the run-up to the European Football Championships, there was hope that such an event could finally open German consumers' wallets. Today's data, however, shows that not even the football can overcome Germans' caution. Despite surging real wages and probably the strongest wage growth in a decade this year, policy uncertainty and sluggish economic growth are still denting consumers' willingness to spend. If there is any positive impact from the Euro 2024 at all, it will have to come from foreign football supporters rather than German consumers.

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