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Confidence Edges Down as Consumers Remain Wary

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FRANCE JAN CONSUMER CONFIDENCE 80 (FCST 83); DEC 81r

  • French consumer confidence weakened by one point to 80 in January, implying below-average confidence (sub-100) since October 2021.
  • Despite a slide in future financial situation outlooks, the major purchase intentions outlook remained stable implying little effect on actual consumer spending.
  • The increase in unemployment concerns was marginal.12-month inflation expectations remain acute but eased.
  • This data adds to evidence that eurozone consumer sentiment edged down in January (due Mon). Italian sentiment also weakened into January, whilst Germany improved.
  • The key driver of the net change appears to be balancing on whether the boost to future outlooks outweighs the weaker assessment of the current situation as economies continue to face substantial inflationary headwinds and declining demand.

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FRANCE JAN CONSUMER CONFIDENCE 80 (FCST 83); DEC 81r

  • French consumer confidence weakened by one point to 80 in January, implying below-average confidence (sub-100) since October 2021.
  • Despite a slide in future financial situation outlooks, the major purchase intentions outlook remained stable implying little effect on actual consumer spending.
  • The increase in unemployment concerns was marginal.12-month inflation expectations remain acute but eased.
  • This data adds to evidence that eurozone consumer sentiment edged down in January (due Mon). Italian sentiment also weakened into January, whilst Germany improved.
  • The key driver of the net change appears to be balancing on whether the boost to future outlooks outweighs the weaker assessment of the current situation as economies continue to face substantial inflationary headwinds and declining demand.