Home / Knowledge / News / Textiles / Survey finds Europeans fear economic slowdown
Survey finds Europeans fear economic slowdown
21
Apr '16
During the first quarter of 2016, the Syrian war as an ongoing cause of the refugee crisis, the terrorist threat in Europe, Great Britain's possible exit from the EU and the continued recession in major developing countries weakened the consumer climate and, in particular, the economic and income expectations of European consumers, says a study by GfK Consumer Climate Europe. Between December 2015 and March 2016, the consumer climate for the EU fell by 3.2 points to 9 points.

Economic expectations remained static in Germany in the first quarter of 2016, in spite of the country's good economic situation. The indicator stood at 0.5 points in March, just slightly above its long-term average of 0 points. This represents a modest drop of 1.4 points in comparison with December of last year. However, the extent by which the indicator has fallen in the last few months can be seen by comparing it with the level reached in March 2015, when economic expectations reached 36.8 points.

In contrast, income expectations remain at a very high level. In March, the indicator stood at 50.5 points, representing a loss of just 0.3 points in comparison with December. What's more, at 53.1 points, it was only very slightly higher this time last year. The Germans therefore still believe that wages and salaries will continue to increase significantly this year. The extent to which these hopes are justified will be demonstrated by the upcoming collective bargaining processes for groups of workers such as public employees.

Standing at exactly 50 points, propensity to buy was also still very high in March. The Germans seem to believe that now is currently the right time to spend money on expensive products and services.

While the indicator was only 1 point lower in December of last year, it has fallen by 13 points in comparison with March 2015.

In Great Britain especially, the referendum due to take place in June on the country's possible exit from the European Union is casting a shadow of doubt on the future. Numerous economic experts as well as many British consumers are predicting strong negative economic consequences should a so-called Brexit come to pass.

The economic expectations of the British fell further during the first quarter of the year. The indicator stood at 2.1 points in March, just slightly above its long-term average of 0 points. This represents a loss of 14.5 points since December, and a staggering drop of 25.8 points in comparison with March 2015. This trend is in stark contrast with the country's actual level of economic growth, which last year increased by between 1.8 and 3.0 per cent in comparison with the respective previous quarter. One reason for the rather pessimistic underlying mood among consumers could be the referendum due to take place in June about whether Great Britain should leave or remain in the EU. Many consumers feel irritated, and seem to fear there could be negative repercussions for the domestic economy should the referendum lead to a so-called Brexit.


Must ReadView All

Vietnam's textile-garment export turnover $16 bn in H1 '18

Apparel/Garments | On 19th Jul 2018

Vietnam's textile-garment export turnover $16 bn in H1 '18

Vietnam is among the world's five biggest textile exporters and...

Courtesy:  Pratibha Syntex

Apparel/Garments | On 19th Jul 2018

India's Pratibha Syntex aims $200 mn sales revenue by 2020

Pratibha Syntex, with interests in fibre, spinning, knitting and...

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Textiles | On 19th Jul 2018

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Kenya will use a Sh6 billion loan from India’s Exim Bank to expand...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search