EU consumer confidence plunged during the GFC and again in 2011/12 during the European debt crisis. Since early 2014, it has been at average or above-average levels, rising to a cyclical peak at the beginning of 2018. However, it dropped back significantly in late 2018, albeit to still-elevated levels, at about the same time as doubts emerged over the US economy’s robustness. Since then, it has slowly been recovering in fits and starts. The latest survey of euro-zone households indicates this process has continued in August, at least in trend terms.
The August survey conducted by the European Commission indicates EU household confidence has slipped back, although it remained comfortably above average. The latest published measure of Consumer Confidence index produced a figure of -7.1, indicating households were less confident than in July when the index recorded -6.6.