France March consumer spending -17.9% vs -5.8% m/m expected

Latest data released by INSEE - 30 April 2020

• Prior -0.1%; revised to -0.5%
• Consumer spending -18.1% vs -6.0% y/y expected
• Prior -0.6%; revised to -1.1%

That is a nasty drop in consumption activity and reflects the damage that the fallout from the virus outbreak can do. Just be reminded that France only began lockdown measures on 17 March, so April and Q2 numbers are going to stay rather depressed still.