> it doesn't hurt that economically, consumer wealth in Europe is falling like a rock
Falling like a rock? Where is this comming from? What Europe are you talking about? The EU, the continent, the eurozone, the UK, Russia?
Granted, high inflation, primarily caused by higher energy prices after the Russian invasion of Ukraine, has slowed down consumer spending in the EU, but generally speaking the outlook isn't that bad.
- Total financial assets of EU households grew almost continuously during the period 2011–2021, falling only in 2018. Their total value increased from €21 331 billion in 2011 to €34 982 billion in 2021, a 64.0 % overall increase. (Source: https://ec.europa.eu/eurostat/statistics-explained/index.php...)
- Consumer Spending in European Union is expected to be 1804.00 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union Consumer Spending is projected to trend around 1836.00 EUR Billion in 2024 and 1869.00 EUR Billion in 2025, according to our econometric models. (Source: https://tradingeconomics.com/european-union/consumer-spendin...)
- In June, Eurosystem staff revised down slightly the outlook for growth in the euro area for the next two years. The economy is expected to slow to 0.9% in 2023 before rebounding to 1.5% in 2024 and 1.6% in 2025 as energy prices moderate, foreign demand strengthens and real incomes improve.
(Source: https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230...)
Damn I knew the EU wasn't in a great place from the last few years but I didn't realize it's post covid recovery was so horrible compared to the USA. Hopefully they can turn it around!
Falling like a rock? Where is this comming from? What Europe are you talking about? The EU, the continent, the eurozone, the UK, Russia?
Granted, high inflation, primarily caused by higher energy prices after the Russian invasion of Ukraine, has slowed down consumer spending in the EU, but generally speaking the outlook isn't that bad.
- Total financial assets of EU households grew almost continuously during the period 2011–2021, falling only in 2018. Their total value increased from €21 331 billion in 2011 to €34 982 billion in 2021, a 64.0 % overall increase. (Source: https://ec.europa.eu/eurostat/statistics-explained/index.php...)
- Consumer Spending in European Union is expected to be 1804.00 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union Consumer Spending is projected to trend around 1836.00 EUR Billion in 2024 and 1869.00 EUR Billion in 2025, according to our econometric models. (Source: https://tradingeconomics.com/european-union/consumer-spendin...)
- In June, Eurosystem staff revised down slightly the outlook for growth in the euro area for the next two years. The economy is expected to slow to 0.9% in 2023 before rebounding to 1.5% in 2024 and 1.6% in 2025 as energy prices moderate, foreign demand strengthens and real incomes improve. (Source: https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230...)