Insight Europe Macro Flash: With recent moderation in eurozone inflation, CE data investigates how consumer spend has held up in France, Germany, Italy, Spain, Austria, and the UK.

It’s been a challenging 18 months for the European consumer. High inflation, anemic wage growth, and geopolitical issues have all dampened sentiment. But with the news that core inflation in the eurozone decelerated to 4.5% in September (from 5.3% in August), how has consumer spend been holding up?

Europe Consumer Spend by Country YoY

Data from Consumer Edge suggests a divergence between the six European countries we track in our data. Spend growth in France and Germany continues to outpace that of other continental Europe countries, despite decelerating slightly in August. Spend growth in Italy and Spain is the weakest of the six, while the UK saw spend growth accelerate in August.

YoY EU and UK Growth Differential by Industry

*Not all industries are displayed in the chart above.

Looking a level deeper at industry spend, the outperformance in the UK appears to have been driven by spend in more discretionary sectors, such as Travel, Restaurants and Electronics.

Is this the start of the Great Splurge?

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About the Authors

Michael Gunther is the VP Head of Insights for the CEIC. Explore more of his insights here and follow him on LinkedIn.

Ruhell Amin is a Senior Insights Analyst for the CEIC. Explore more of his insights here and follow him on LinkedIn.