European Consumer Confidence

The Conference Board Consumer Confidence Index® for the Euro Area rose by 21 points to -114 in June, up from -135 in May. While all four components of the index improved, the increase was driven by an upswing in financial expectations and expectations for the general economic situation (both with a seven-point gain). However, confidence remains 82 points below February levels, when the war in Iran began. 

The Conference Board Consumer Confidence Index® for the Euro Area standardizes DG ECFIN consumer survey data since 1985 against the long-term average. A value of zero represents the long-term average. Readings above +100 indicate clear consumer optimism, while readings below -100 indicate clear consumer pessimism.  

“Euro Area consumer confidence continued to improve in June, rising 21 points to -114, though it remains well below the levels seen before the war in Iran began in February. The improvement was broad based, with most Euro Area countries reporting gains—particularly smaller economies like Finland, which saw the strongest monthly increase of 65 points,” said Matei Farcas, Economic Research Assistant at The Conference Board. “Easing inflation concerns were a key driver across the region, supporting better spending intentions and economic expectations. That said, the recovery remains uneven: while Germany, France, and Spain showed encouraging gains, Italy saw confidence fall further and Ireland recorded the steepest monthly decline among all Euro Area countries. Unemployment expectations also remain entrenched in negative territory across the Euro Area for a fourth consecutive month, a trend worth watching closely in the months ahead.” 

Euro Area Overview 

The breakdown of the overall Euro Area index shows that in June: 

These trends were associated with: 

Country Highlights 

Country-level confidence improved across the Euro Area in May compared to April. Among the largest economies: 

Among smaller Euro Area economies, Finland recorded the strongest gain in confidence in June—up 65 points to -32—while Ireland saw the largest monthly decrease, down by 19 points to –123, making it the most pessimistic Euro Area country this month. 

 "Euro Area growth is set to barely clear 1% in 2026—and May’s consumer confidence figures reinforce that view,” said Konstantinos Panitsas, Economist at The Conference Board. “Euro Area consumer confidence improved again in June, although sentiment remains well below its pre-war level. Easing energy prices and some progress toward a ceasefire in the Middle East likely reflect this improvement. While confidence remains weak, back-to-back increases in May and June suggest that the sharp deterioration in consumer confidence earlier in Q2 may be bottoming out, raising prospects of a gradual recovery in private consumption in H2 2026.” 

Technical Note 

The Conference Board’s Consumer Confidence Index® for the Euro Area is calculated using four questions from the European Commission’s consumer confidence survey: 

Each component is standardized using historical distributions and equally weighted in constructing the overall index. Positive values indicate confidence above the long-term average, while negative values indicate below-average sentiment. Country-level survey results are weighted by each country’s share of Euro Area private consumption before aggregation into the composite Euro Area index. 

The monthly Europe Consumer Confidence Survey® is based on data from the European Commission consumer survey program. 

For further information: Contact Harry Miskin (hmiskin@tcb.org)  

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