EU consumer confidence reaches the lowest ever recorded level in July, according to the latest data from the European Commission.
The new numbers show a decrease of 3 percentage points for the EU and 3.2 percentage points for the Euro Area.
The new levels surpass the lowest point reached during the beginning of the pandemic, raising fears of a major economic contraction.
The polymer industry has been feeling a considerable pressure on demand which is to do with a multitude of reasons.
But this latest reading reinforces the view that consumer jitters over inflation, war, and a looming energy crisis are additional major factors slowing down demand for polymers.