Economy & Politics

Consumers are regaining (a little) confidence

Households have a more positive image of the economy of the Grand Duchy for the months to come. But a survey by the Banque centrale du Luxembourg also highlights the doubts of families about their own financial situation.

Patrick JACQUEMOT

Households have a more positive image of the economy of the Grand Duchy for the months to come. But a survey by the Banque centrale du Luxembourg also highlights the doubts of families about their own financial situation.

Yes, Luxembourgers believe in the country’s economic recovery. And the study conducted by the Banque centrale du Luxembourg shows it. If the optimism of the past has certainly not returned, the perception that households have for the next twelve months is twice as positive in September than that measured in August. To believe that after several weeks of resumption of the activity of the country and the holidays, the prospects brighten up in the eyes of the population.

And this positive outlook weighs on the confidence indicator scrutinized by the BCL, month after month. Luxembourg households are thus doubly more confident than last April, at the very heart of the first wave of covid and confinement. The decrease in the number of people registered with Adem (a phenomenon observed since May) or the fall in the number of beneficiaries of partial unemployment are all indicators which, certainly, contribute to this better perception of the future of the country.

But other negative signals also have an impact on consumer morale. The 600,000 Luxembourgers, noting the proliferation of social plans (ArcelorMittal, Guardian, Luxemburger Wort...), the growing number of bankruptcies, or the difficulties of certain sectors of activity (shops, Horesca, aviation, events, etc.) bring to the start of the school year a darker look at their own financial situation, points out the BCL. Thus, the respondents are half as confident about their personal future than they were last August.


Politik, Itv Xavier Bettel, Sechs Monate Covid-19 Foto: Chris Karaba / Luxemburger Wort

Six months after the arrival of the pandemic in the Grand Duchy and its consequences on society, the economy and the political world, Xavier Bettel looks back on a period that he describes as “more difficult” of his mandate as Prime Minister.


In the eyes of the Central Bank statisticians, this translates into a stabilization of major purchase intentions. These remain at the same stage as last month, and still as bleak. But, in the end, the weighted average of the four indicators taken into account for the monthly study reflects above all this recovery of confidence at the level of national economic activity. Coué method or underlying trend: the future will tell.


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