Quoting the Reuters article, Carsten Brzeski, ING's global head of macro, underlines weakened purchasing power, diminished industrial orders, a decelerating Chinese economy, and the impacts of substantial monetary policy tightening. GfK also mentions that since it is expected that consumer sentiment will remain low in the upcoming months, private spending won't contribute positively to Germany's overall economic growth this year. Experiencing high inflation compared to its European counterparts, Germany is witnessing diminished purchasing power, which is spreading the pessimistic outlook among the households.