Germany’s GfK Consumer Climate Indicator fell to -24.1 heading into November 2025, down from a marginally revised -22.5 in the previous period and missing market expectations of -22.0. This was the lowest reading since April, weighed down by a sharp drop in income expectations (2.3, the lowest in eight months, compared with 15.1 in October) amid renewed inflation concerns, rising job security worries, and ongoing geopolitical tensions. In contrast, economic expectations rose for the first time in four months (0.8 vs -1.4), while the willingness to buy improved slightly (-9.3 vs -11.6). Meanwhile, the willingness to save edged down (15.8 vs 16.1).