Latest data released by INSEE - 29 May 2020

  • Prior -17.9%; revised to -16.9%
  • Consumer spending -34.1% vs -32.2% y/y expected
  • Prior -18.1%; revised to -17.0%

It isn't much of a surprise to see consumption activity fall sharply in April amid lockdown measures and business closures, but the epic slide in the year-on-year reading should give more perspective of how damaging this will be to many businesses.