Berlin- German consumers once again defied the global economic gloom with a key sentiment indicator released Monday coming in unchanged.
The GfK marketing group's forward-looking German consumer confidence index remained unchanged at 2.1 in January.
But while the index's component measuring the consumers' view of the economic outlook worsened their willingness to buy rose slightly.
Based on a survey of about 2000 consumers in Europe's biggest economy, the release of the GfK indicator follows a steep fall in the price of oil and a consequent sharp drop in inflation.
"Consumer propensity to buy benefited from the reduced rate of inflation to end 2008 slightly higher," the GfK said releasing the survey.
The release of the GfK survey also comes amid signs that German retailers have enjoyed healthy sales in the run-up to Christmas with the nation's retail traders' association reporting a rise in sales compared to the Christmas period last year.
However, German business confidence plummeted in December to a low last seen during the 1980s oil crisis, a survey released last week with analysts continuing to revise down their 2009 economic growth outlooks for the country.
In the meantime, the German car industry is facing a major crisis as auto sales fall dramatically around the world and in Germany. (dpa)












