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DES GB2013 E

However, it will take at least into 2015 for economic growth to translate into a labour market recovery, as is borne out by propensity to buy in Europe. Consumer sen- timent significantly improved in some areas between the fourth quarters of 2012 and 2013, but propensity to con- sume is still well below average in Europe. Only when companies are in a position to create new jobs, pushing down unemployment, will consumer willingness to spend pick up again. And only then will the peo- ple of the European Union be in a position to reinforce the economic upturn via their consumption. The consumer climate indicator is signalling that consum- er spending will go up again in 2014. The GfK is also fore- casting a real-terms increase in private consumption for the EU as a whole for the first time since 2011. This is set to be between 0.5% and 1.0% and to make a significant contribu- tion to higher eco- nomic growth in Eu- rope. Private house- holds in Germany are also set to spend more: GfK calculations point to a 1.5% real-terms rise in German consumer spending this year. 10 5 0 -5 German consumer climate 2008 2009 20122010 20132011 2014 Source: GfK | European Commission Indicator points Consumer sentiment significantly improved in some areas between the fourth quarters of 2012 and 2013. Rolf Bürkl, Senior Research Consultant, Financial Services, GfK. Mr Bürkl’s responsibilities include the regular production of and commentary on the GfK consumer climate indicator. A lively start to 2014 for the consumer climate indicator ABOUT THE AUTHOR DEUTSCHEEUROSHOPANNUALREPORT2013/SHOPPING 051

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