March 23, 2023 15:38 GMT
Consumer Sentiment Stalling in March
EUROZONE MAR FLASH CONSUMER CONF -19.2 (FCST -18.2); FEB -19.1
- Eurozone consumer confidence was broadly unchanged in the March flash, edging down by 0.1 to -19.2 against consensus expectations of a one-point improvement. Albeit only a minimal decline, today's print breaks a five-month streak of improving sentiment for the bloc.
- The index remains substantially lower than the long-term average. The full March release is due March 30, and will give insight on purchasing intentions for March.
- Consumer sentiment has improved by 9.5 points from the September low, supported by slowing inflation and government energy bill support schemes.
- Nevertheless, consumer spending looks to remain subdued this quarter, with a weak start to Q1 signalled by the muted January retail data. The ECB's March macroeconomic projections look for marginally positive +0.1% Q1 growth.