The consumer climate in Germany rose slightly in September compared with last month. This is mainly attributable to consumer propensity to make larger purchases and beat the VAT increase scheduled for next year. It has risen this year for the third time to reach a record high. Conversely, there has been a slight fall in consumer expectations in terms of income development. Consumers rate the outlook for Germany's economy similarly to last month. After the figure of 8.6 points in September, the consumer climate index is forecasting a value of 8.8 points for October.

Despite this record high since November 2001, consumer demand is still very volatile. Enthusiasm for shopping is not accounted for by any optimistic assessments of the general economic conditions, but mainly, by a realistic approach on the part of consumers, who are attempting to beat the price increases by bringing forward their purchasing.

In September, the three indicators the consumer climate is based on show as follows:

The indicator 'economic expectations' rose 1.0 point to total 12.4 points by comparison with the previous month. This is 17 points higher than in the same month the previous year.

The indicator 'income expectations' dropped 5 points to minus 8.8 in September by comparison with August. By comparison with the same period the previous year, the indicator is just under 3 points up.

The 'propensity to buy' indicator is at a record high at 62.3 points. Compared with the previous month, this represents a rise of 6.2 points and an increase of more than 75 points by comparison with the same period the previous year.