The index of household confidence in France recorded in December its first decline in a year, announced INSEE Wednesday without detailing the reasons for this decline. The indicator, calculated on the basis of balances of opinion (differences between the proportion of positive and negative responses), fell to 102, three points less than in November (revised figure to 105), even if it remains above its long-term average (100), said in a press release the statistical institute.
In December, households were more pessimistic both about their future financial situation (-4 points), their future savings capacity (-4 points) and their future standard of living (-6 points). The latter indicator thus fell below its long-term average. In addition, the proportion of households believing that it is advisable to make major purchases also fell by 2 points compared to the previous previous, even if the balance of opinion remains above its average.
Preferred savings
Economists and the government scrutinize household morale because it is an important element in assessing the future level of consumption in France, the main driver of economic growth. Despite the increase in purchasing power last year, due to the measures taken by the government in response to the movement of "yellow vests", households have so far preferred to save rather than consume.
And in December, the share of households believing that it was advisable to save remained stable. Finally, household fears regarding the development of unemployment increased in December, with a balance of opinion which gained 6 points after two months of near-stability.
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