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Financial News: French Consumer Confidence Lowest Since June 2013

French Consumer Confidence Lowest Since June 2013

07/27/2022 - 03:45:00 (RTTNews)

(RTTNews) - France's consumer confidence weakened for the seventh successive month in July to reach its lowest level in just over nine years, monthly survey results from the statistical office Insee showed on Wednesday.

The consumer confidence index dropped to 80.0 in July from 82.0 in June, in line with expectations. The sentiment also remained well below its long-term average of 100.

Further, this was the lowest level of consumer confidence since June 2013, when it reached the score of 79.0.

Households' opinion on their own past financial situation worsened further in July, with the index falling to -32 from -31 in June. Similarly, the index measuring their financial situation in the coming twelve months dropped to -25 from -24.

Consumers' view regarding future saving capacity also weakened slightly in July. The corresponding index declined to -3 from -2 in June.

The index measuring households' fears about the trend in unemployment rose to 12 in July from 9 in the previous month.

Households' assessment of their ability to make major purchases declined again in July, as the respective index dropped 3 points from June's -36 to -39.

The share of households who consider that prices have risen over the past twelve months increased somewhat, and the relevant index gained 1 point to 61 in July, which was at its highest since the summer of 2008.

Meanwhile, the share of survey respondents who believe that prices will accelerate over the coming year continued to show its falling trend in July.

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