French consumer confidence weakened to the lowest in nearly two years in November, survey results from the statistical office Insee showed on Thursday.
The consumer confidence index fell more-than-expected to 90 in November from 94 in October. This was the lowest since December 2018, when the score was 88. The expected score was 92.0.
Households were less optimistic concerning their future financial situation. The corresponding balance lost five points to -14. Conversely, their opinion about past financial situation was stable at -15.
The survey showed that the share of households considering it is a suitable time to make major purchases decreased markedly, with the corresponding indicator declining eight points to -27, which was the lowest level since last May.
Assessment about current saving capacity weakened in November, as the index dropped three points to 22. Meanwhile, the indicator measuring consumers view about their future saving capacity remained unchanged at 6.
The share of households considering it is a suitable time to save has increased further. The index gained three points to 35.
Households’ view about the future standard of living in France declined again in November, with the index easing nine points -65. At the same time, the index for past standard of living dropped moderately by three points to -69.
As unemployment fear increased among households, the indicator for unemployment in coming twelve months rose to 78, the highest since 2013, from 74 in October.
Households considering that prices will be on the rise during the next twelve months have been much more numerous than the previous month, the survey showed. The corresponding balance gained eight points -23.