German Consumer Sentiment Drops to -28.0 for April

Consumer sentiment in Germany is projected to decline heading into April as households brace for higher energy costs and the threat of persistent inflation. According to the latest survey results from the GfK market research institute and the Nuremberg Institute for Market Decisions (NIM), the consumer climate index fell to -28.0 for April, a sharper drop than the -24.3 recorded in March. This decline exceeded the expectations of analysts, who had predicted a more moderate reading of -27.0 points.

Income expectations among consumers have plummeted into negative territory, reaching their lowest levels since December 2022. There is growing concern that the fledgling recovery of the German economy could face a significant setback if geopolitical tensions continue to drive energy market volatility. This environment impacts a broad range of industrial and energy-related sectors, including those associated with Oil-Dri Corporation of America and Natural Gas Services Group, Inc., as high prices for oil and gas weigh heavily on the public outlook.

"This naturally has a negative impact on consumers mood," said Rolf Buerkl, head of consumer climate at NIM.

A recent NIM study found that 60% of Germans expect prices for oil, gas, and petrol to remain high over the long term. Despite the overall pessimistic sentiment, the propensity to buy showed only a minor monthly decrease of 1.6 points to -10.9 in March. Meanwhile, the inclination to save remains at a high level of 18.5 points, down just 0.4 points from the previous month. The survey components for March highlight the shift in mood: economic expectations fell to -6.9 from 4.3 in February, and income expectations dropped to -6.3 from 6.3. The data, collected between March 5 and March 16, 2026, indicates that any reading below zero signals a year-on-year contraction in private consumption.