Christmas's economic impact leaves German consumers cold Findings of the GfK consumer climate survey in December 2003 Five percent less Christmas business than

BERLIN 30.12.2003 (PROTEXT) - GfK's consumer climate studyconfirmed this in December. In the last month of the year 2003the more positive mood of the consumer in November had againalready come to an end. Whilst financial analysts (ZEW) andcompanies (ifo) stand by their positive assessment of theeconomic development at the year end, it must be said that thebuoyant mood of November did not spill over into December toquite the same extent, though can be considered comparable.However, personal expectations on the subject of personal incomedevelopments have yet again been clouded. Moreover, theirpropensity to buy, which had clearly increased in November,dropped again to October's level. However, it can be assumed thatthe uncertainty of the German consumer regarding future taxburdens and relief also played a part in the stagnation of theconsumer climate. Now that the Federal Government and theopposition have managed to reach a decision regarding the taxreform, the prospect has improved of there being a slight upwardtrend after a month of standstill. However, a fundamental andcontinuing improvement is only to be expected if there are morepositive signs from the job market. Further information: Dr.Ulrike Schoeneberg, Tel.: +49 911 395 2645 Complete pressrelease: www.gfk.com Page 3/4 Seite 1

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