30 April 2015

2015- n° 106

Despite a downturn in March (-0.6%), household consumption of goods grew sharply over the first quarter of 2015 (+1.6%) Household consumption expenditure on goods - March 2015

In March 2015, household consumption expenditure on goods stepped back: –0.6% in volume*, after increasing for four months in a row. This decline was mainly attributable to the downturn in energy consumption (–3.2% in March). However, over the first quarter, household expenditure on goods increased markedly (+1.6%), mainly as a result of a substantial rebound in consumption of energy and the acceleration in expenditure on durable goods. This result represents the highest rise since the fourth quarter of 2009.

Household expenditure on durable goods went up in March (+1.0%), after holding steady in February. Expenditure on household durables dropped back slightly (–0.2%), after two consecutive months of growth. Conversely, car purchases bounced back (+1.9% after –0.7% in February).

Over the first quarter 2015, expenditure on durable goods sped up significantly (+1.8% after +0.5%), primarily because of car purchases (+2.5% after –0.3%). Expenditure on household durables, for its part, kept rising at almost the same pace as over the previous quarter (+1.3% after +1.5%).

Consumption of textile, clothing and leather decreased in March (–3.3% after –0.2%). In contrast, purchases accelerated over the first quarter (+2.8% after +1.5%).

[* Volumes are chained and all figures are trading days and seasonally adjusted.]

Consumption expenditure on other engineered goods was practically stable in March (+0.1%, after +0.6%). It sped up over the first quarter (+1.1% after +0.6%).

In March, consumption of food products picked up slightly (+0.2% after –0.3%), especially due to tobacco consumption. Over the first quarter, it was almost stable (+0.1% after +0.7% over the previous quarter).

In March, household consumption of energy products eased back (–3.2%), after three consecutive months of increase. Oil, electricity and gas consumption dipped substantially.

Over the first quarter, however, consumption of energy products bounced back sharply (+4.4% after –2.2%).

Household consumption of goods is scaled up by 0.1 point in February, now estimated at +0.2% instead of +0.1% within the previous publication. Conversely, the estimation in January is scaled down by 0.1 point (+0.6%, instead of +0.7% as previously estimated).

These revisions are mainly due to the integration of new information, as well as the updating of the seasonal adjustment coefficients, particularly regarding energy.