French Household Consumption Drops in October 2024

In October 2024, French household consumption expenditure on goods experienced a slight decline of 0.4% in volume, following a modest increase of 0.1% in September. The decrease is primarily attributed to a reduction in purchases of manufactured goods (-1.3%) and energy consumption (-1.2%). However, food consumption saw a notable increase, rising by 1.2%.

The sharpest drop occurred in the consumption of manufactured goods, which fell by 1.3% in October after a 1.6% increase in September. The decrease was largely driven by a significant reduction in spending on textile clothing, which plummeted by 5.1%. Additionally, there was a minor dip in spending on durable goods (-0.6%). This was with lower expenditure on items like computers, telephones, and used vehicles.

French Household Consumption Drops in October 2024

Clothing and textile purchases saw a sharp contraction, down by 5.1% after a 6.4% increase in September. The decline was particularly noticeable in clothing, with footwear and leather items also seeing reduced sales. Despite the October drop, textile clothing spending is still 2.0% higher compared to October 2023.

Durable goods also experienced a slight downturn of 0.6%, following a 0.8% increase the previous month. This decrease was primarily due to reduced spending on capital goods, such as electronics, and lower purchases of used vehicles.

In contrast to other categories, food consumption showed a clear rebound, rising by 1.2% after a 1.4% decline in September. This increase was primarily driven by higher purchases of processed food products while spending on raw agricultural products continued to decrease.

Tobacco consumption also declined in October, continuing the trend seen in recent months.

Overall, October’s data highlights a mixed economic landscape for French households, with reduced spending on manufactured goods offset by gains in food consumption.

Also, for analysis and updates, visit FXAN to stay informed on the latest news and insights. Also, follow us on Instagram.