A closely-watched survey shows German consumers are losing confidence amid growing concerns of an economic slump.

The GfK research group says Friday its forward-looking consumer climate index dropped for the fourth month in a row to 9.3 points in December, from 9.4 in November.

Consumers’ willingness to buy rose, says GfK, but that was offset by drops in both their income and economic expectations, partially linked to the growing number of asylum seekers pouring into the country.

Germany is set to receive more than 1 million refugees and other migrants this year, and some 40% of consumers surveyed told GfK they believe unemployment would soon rise. Most say the newcomers would hurt the labour market.

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