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EUROZONE DATA: Another Pullback In Consumer Confidence In December

EUROZONE DATA
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Eurozone flash December consumer confidence was weaker than expected at -14.5 (vs -14.0 cons, -13.8 prior). This was the second consecutive pullback in the series from a multi-year high of -12.5 in October.

  • The ECB still expects private consumption to spearhead the economic recovery in 2025, “supported by robust labour compensation growth on the back of rising wages and falling inflation”.
  • However, the ECB’s 2025 and 2026 consumption growth projections were revised lower in December (2025: 1.3% vs 1.4% prior; 2026: 1.3% vs 1.5% prior), “on account of a reassessment of the speed at which the saving ratio is expected to normalise from its current elevated levels.”
  • Bloomberg consensus currently sees consumption growth at 1.2% in 2025 and 1.4% in 2026.

 

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Eurozone flash December consumer confidence was weaker than expected at -14.5 (vs -14.0 cons, -13.8 prior). This was the second consecutive pullback in the series from a multi-year high of -12.5 in October.

  • The ECB still expects private consumption to spearhead the economic recovery in 2025, “supported by robust labour compensation growth on the back of rising wages and falling inflation”.
  • However, the ECB’s 2025 and 2026 consumption growth projections were revised lower in December (2025: 1.3% vs 1.4% prior; 2026: 1.3% vs 1.5% prior), “on account of a reassessment of the speed at which the saving ratio is expected to normalise from its current elevated levels.”
  • Bloomberg consensus currently sees consumption growth at 1.2% in 2025 and 1.4% in 2026.

 

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