PARIS (dpa-AFX) - France's consumer confidence weakened to the lowest level since October 2023 largely due to the weaker outlook for standard of living and the fall in saving intentions.
The consumer sentiment index edged down to 87 in August from 88 in July. This was the lowest reading since October 2023 and remained below its long-term average of 100.
The survey showed that assessment regarding consumers' future personal financial situation deteriorated. After three months of stability, the index dropped to -16, which was the lowest since September 2023.
Meanwhile, the one related to their past personal financial situation gained one point to -21.
The proportion of households believing it as a good time in the current economic situation, to make major purchases dropped slightly to -27.
In August, the proportion of households believing it is a good idea to save declined sharply by seven points to 35. At the same time, opinion regarding consumers' ability to save on the current and future period dropped one point each, the survey showed.
Assessment about past and future standard of living declined again. The balance related to future standard of living dropped two points to -64, the lowest since March 2023. The one related to past standard of living slid three points to -74.
Further, households' fears about unemployment rebounded in August, with the balance rising two points to 56.
Regarding price pressures, the survey showed that the proportion of households who consider that prices will accelerate over the next twelve months increased again. The balance climbed five points to -25, and hit its highest level since March 2023.
Meanwhile, the proportion of households who consider that prices increased sharply over the past twelve months dropped three points to -9.
The survey was conducted among 2,000 households between July 28 and August 18.
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