Wholesaling (Germany):
More unfavourable business outlook

The survey participants in wholesaling reported a more unfavourable business situation. The worsening affected both consumer goods wholesalers as well as the industrial B2B sector. Within the latter, the business situation worsened in trade with intermediate goods, such as chemical products. The enterprises that market capital goods reported a better present business situation than in June. Nevertheless, in a year-on-year comparison, a gap is apparent: They assessed their business situation considerably less favourably than a year ago. In both wholesale sectors - consumer goods and industrial B2B - the surveyed participants plan to reduce their orders for new goods. Especially wholesalers of durable consumer goods intend to place a much smaller volume of orders. Although wholesale prices have risen clearly in recent months, the firms plan to continue their price hikes. On the whole, wholesalers are clearly more sceptical regarding the six-month outlook than they were in June.