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Financial News: French Consumer Confidence Weakens In June

French Consumer Confidence Weakens In June

06/26/2024 - 05:38:00 (RTTNews)

(RTTNews) - French consumer confidence weakened in June on rising concerns about future standard of living, monthly survey results published by the statistical office INSEE showed on Wednesday.

The consumer confidence index fell to 89 in June, in line with expectations, from 90 in May. The indicator has remained well below its long-term average of 100.

The balance of opinion on consumers' personal financial situation remained almost unchanged. The index measuring future financial conditions rose one point to -13, while the index for past situation dropped one point to -25, the survey revealed.

The proportion of households who consider it is a good time to make major purchases slid slightly to -33 from -32.

Households' opinion of their future ability to save declined to 7 from 11. The index tracking the current ability to save rebounded three points to 18.

At the same time, the proportion of households believing it is a good idea to save has remained stable at 39.

The index for future standard of living declined sharply to -50 from -46. The index for past standard of living dropped only one point to -73.

Households' fear about unemployment fell slightly in June. The corresponding index posted 25, down from 27 in May.

The proportion of households believing that prices will accelerate over the next twelve months has rebounded strongly. The associated balance climbed six points after a three-point drop in May.

The survey was conducted among 2,000 households between May 28 and June 17.

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