According to a Jin10 report cited by ChainCatcher, the European Central Bank said in its economic bulletin released Monday that household consumption in the euro area fell sharply after the outbreak of the Iran war, with the drop mainly tied to a steep deterioration in consumer confidence. In April this year, the decline in consumption reached twice the level implied by historical trend forecasts, and the scale of the impact was comparable to the response seen after the outbreak of the Russia-Ukraine conflict in early 2022. The bulletin said nominal consumption growth in the euro area had averaged around 3% to 4% since mid-2024, but slowed to about 2.5% year over year in April. The slowdown was driven mainly by higher-income households cutting non-essential spending.
According to a Jin10 report cited by ChainCatcher, the European Central Bank said in an economic bulletin released Monday that household consumption in the euro area fell sharply after the outbreak of the Iran war, mainly because consumer confidence deteriorated rapidly.
The bulletin said the drop in consumption in April this year reached twice the level implied by historical trend forecasts. The scale of the impact was comparable to the household spending response seen after the outbreak of the Russia-Ukraine conflict in early 2022.
Data showed that since mid-2024, nominal consumption growth in the euro area had averaged around 3% to 4%, but fell to about 2.5% year over year in April this year. The slowdown was driven mainly by higher-income households reducing non-essential spending.
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