GERMANY: The mood of German consumers has posted a new six-year high, just in time for Christmas.
This was the result of the monthly survey by the German market research group the Gesellschaft für Konsumforschung (GfK). The reasons for this optimism are rising incomes, an upturn in the economy and low interest rates. On average, Germans are intending to spend 288 euros on Christmas presents. This is three euros more than last year.
In December, the consumption barometer rose by 0.3 points to 7.4: this would be the highest level in over six years. The consumer optimism is set to continue into 2014, with the state-run KfW (German Development Bank) forecasting economic growth of two percent.