French Consumer Confidence At 3-Mo High

FRANCE MAR CONSUMER CONF IND 94; FEB 91

• Consumer sentiment edged up 3pt to 94 in Mar, with markets looking for a downtick (BBG: 90)
• The index is now at the highest level since Dec 2020.
• Mar's uptick was driven by a sharp 16-pt increase of consumer's assessment of the general economic situation in the 12 months, while their opinion on the past economic situation deteriorated by 4pt.
• Households expect their financial situation to improve in the next year, up 4pt, while they assess their past financial situation marginally better.
• The fear of unemployment in the next year eased by 8pt, but remains elevated compared to pre-pandemic levels.
• Savings intentions ticked up 3pt in Mar, but intentions to make major purchases recovered by 2pt.
• Consumer confidence improved despite the continuing severe covid-situation, which bodes well with household spending going forward.