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Financial News: France Household Consumption Rebounds Strongly

France Household Consumption Rebounds Strongly

06/30/2021 - 09:18:00 (RTTNews)

(RTTNews) - France's household consumption surged in May after a decline in April that was due to a third lockdown to curb the spread of the coronavirus, preliminary data from INSEE showed Wednesday.

Household spending rose 10.4 percent from April, when it fell 8.7 percent.

The latest rebound was mainly driven by a 26.0 percent jump in the manufactured goods purchases as all stores reopened on May 19. Spending on clothing and textiles surged 149.2 percent. Purchases of durable goods rose 11.3 percent and spending on engineered goods grew 15.2 percent. Spending on energy grew 2.6 percent after stagnating in previous months as travel restrictions ended early May. Expenditure on food was stable.

On a year-on-year basis, household spending rose 7.4 percent in May.

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