EU consumer confidence improves in February 2023. The European Commission‘s Directorate-General for Economic and Financial Affairs (DG ECFIN) released its flash estimate of the consumer confidence indicator for the European Union (EU) and the euro area (EA).
The data revealed that the indicator improved by 1.5 percentage points (pps.) in the EU and 1.7 pps. in the EA compared to the previous month.
This marks the fourth consecutive monthly improvement in consumer confidence. The data indicates a growing optimism among consumers in the region.
However, despite this positive trend, the consumer confidence indicator remains well below its long-term average. The EU and EA long-term average registered -20.6 and -19.0 pps. respectively.
The consumer confidence indicator is an important measure of the economic sentiment among households in the EU and EA. Consumer confidence affects consumer spending and the overall health of the economy.
The increase in consumer confidence suggests that consumers in the region are becoming more willing to spend, a positive sign for for the polymer industry.