India, July 24 -- Consumer confidence in Germany is set to deteriorate in August as households preferred to save rather than spend due to the escalating uncertainty, survey data from the market research group GfK revealed on Thursday. The Consumer Climate indicator dropped unexpectedly to -21.5 points in August from -20.3 points in July. The score was forecast to improve to -19.4.
The continuing increase in the willingness to save was the major reason for the second consecutive fall in overall sentiment.
The savings indicator climbed 2.5 points to 16.4 in July, marking the third consecutive increase and also hit the highest value in almost one and a half years.
"The recovery in consumer sentiment continues to be postponed, because the wi...