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Germany’s GfK Consumer Climate Indicator dropped sharply to -26.9 heading into January 2026 from a marginally revised -23.4 in the prior period, missing market forecasts of -23.2 and hitting its lowest level since April 2024. The decline reflected renewed household caution, with buying willingness slipping (-7.5 vs -6.0 in December) after two months of increases. Also, the propensity to save jumped to its highest since June 2008 (18.7 vs 13.7), as concerns over a possible inflation resurgence and political uncertainty around pension reforms weighed on sentiment. Income expectations fell for a third month (-6.9 vs -0.1), underscoring ongoing pressure on household finances. By contrast, economic expectations turned positive (1.2 vs -1.1), hinting at cautious optimism about the broader outlook. Rolf Buerkl, head of consumer climate at NIM, warned the deterioration casts a shadow over the final phase of the Christmas shopping season and risks a “false start” for consumer sentiment in 2026.