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Germany’s GfK Consumer Climate Indicator edged down to -20.3 heading into July 2025 from a marginally revised -20.0 in the previous month, marking the first drop in four months and missing market forecasts of -19.3. The propensity to save hit its highest since April 2024 (13.9 vs 10.0 in June), while willingness to buy remained subdued (-6.2 vs -6.4), amid lingering uncertainty over the unpredictable policies in the U.S., particularly regarding customs and trade. “A high willingness to save is an expression of continuing uncertainty and lack of planning security,” said Rolf Bürkl, consumer expert at NIM, noting this weighs on major purchases. Still, economic expectations climbed (20.1 vs 13.1), pointing to the highest reading since the start of the Ukraine war in February 2022, supported by upcoming government stimulus for defense and infrastructure. Income expectations also improved for the fourth consecutive month (12.8 vs 10.4), on favorable wage agreements and easing inflation.