French Consumer Morale Remains Subdued in August

The consumer confidence indicator in France remained unchanged at 86 in August 2026, below the expected 87 and its long-term average of 100. Consumers became slightly less pessimistic about their expected financial situation (-12 vs -13 in July), while sentiment toward their past financial situation worsened slightly (-27 vs -26). Pessimism over major purchase intentions increased (-39 vs -37), while saving intentions reached a new all-time high (47 vs 45) and both current (20 vs 19) and expected (18 vs 17) saving capacity improved. Meanwhile, households’ fears of unemployment rebounded (58 vs 55) and remained above their long-term average, while sentiment toward France’s future standard of living deteriorated slightly (-62 vs -60). The savings climate index rose to a new high of 125 from 124. Inflation expectations rebounded sharply (-14 vs -33), while perceptions of past price increases also rose (25 vs 17).

The consumer confidence indicator in France rose to 86 in July 2026, a four-month high, up from 84 in June, but remained below its long-term average of 100. Consumers became less pessimistic about both their past financial situation (-26 vs -28 in June) and expected financial situation (-14 vs -16), while sentiment toward France's future standard of living improved sharply (-59 vs -65) and views on past living standards also became less negative (-79 vs -81). Pessimism over major purchase intentions also eased (-36 vs -38), while saving intentions (45 vs 41) and both current (19 vs 16) and expected (17 vs 14) saving capacity increased. Households' fears of unemployment cooled (55 vs 61) but remained above their long-term average. Meanwhile, the savings climate index rebounded to 123, while inflation expectations dropped sharply (-33 vs -15), returning close to their pre-Middle East conflict level.

The consumer confidence indicator in France rose to 84 in June 2026 from a more than three-year low of 82 in the previous month, slightly exceeding market expectations of 83. Households became less pessimistic about their financial situation, with assessments of both past (-28 vs -29 in May) and future finances (-16 vs -19) improving. Sentiment toward France’s future living standards also improved (-65 vs -70), although views on past living standards deteriorated slightly (-81 vs -80). In addition, major purchase intentions were less negative (-38 vs -39). Saving intentions edged up (41 vs 40), while current savings capacity weakened slightly (16 vs 18) and future savings capacity remained unchanged (14). On the other hand, unemployment expectations remained elevated (60 vs 55). On the price front, households' perceptions of past price increases edged lower (23 vs 25), while inflation expectations tumbled sharply (-15 vs 0).