29 January 2016

2016- n° 31

Despite a rebound in December (+0.7%), household consumption of goods declined over the fourth quarter of 2015 (−0.9%) Household consumption expenditure on goods - December 2015

In December 2015, household consumption expenditure on goods picked up, growing by 0.7% in volume* after a marked decrease in November (−1.4%). In particular, expenditure on textile-clothing bounced back and food products consumption accelerated.

Over the fourth quarter, household consumption expenditure slipped back (−0.9% after +0.7%), driven down primarily by the sharp drop in energy consumption. However, over the year 2015, household consumption accelerated substantially (+1.8% after −0.2%), mainly due to the rebound in energy consumption.

In December, purchases of engineered goods picked up (+1.6% after −0.8% in November), mainly because of textile-clothing. However, they edged down by 0.8% over the quarter.

Expenditure on textile-clothing climbed markedly again in December (+4.2%) after slipping for three consecutive months. Over the fourth quarter, expenditure fell back sharply (−3.0% after +2.0%).

In December, expenditure on durable goods kept growing (+1.1%), at faster pace than in November (+0.3%). This acceleration was driven up by a rebound in car purchases (+1.7% after −0.3%).

Over the fourth quarter, however expenditure on durable goods weakened (−0.6%), hampered notably by a dip in car purchases (−1.5% after 0.0%) as well as by a sharp slowdown in expenditure on household durables (+0.5% after +2.5%).

In December, expenditure on other engineered goods went up anew (+0.7% after a stagnation in November), thanks to hardware purchases. Over the quarter, expenditure on other engineered goods edged up (+0.5% after +0.2%).

In December, energy expenditure dropped once again (−2.5% after −7.1%). In particular, spending on gas and electricity continued to plummet because of exceptionally mild temperatures, and hit its lowest level since March 2002. Conversely, consumption of refined products recovered (+5.6%, after decreasing for three months in a row), especially that of domestic heating oil.

Over the fourth quarter, energy expenditure declined sharply (−3.5% after +1.8% over the third quarter).

In December, consumption of food products gathered pace. It grew by 1.2% within a month (after +0.6%), its highest increase since June 2014. Over the fourth quarter, consumption picked up (+0.3% after −0.2%).

The variation of household expenditure on goods in November 2015 is revised downwards by 0.3 points: it now stands at −1.4%, instead of −1.1%. Indeed, since the previous publication, new information has been integrated, mainly regarding energy, and the seasonal adjustment coefficients have been updated.