The overall index came in at -3—the last time confidence was at this level was in April 2021. It is still an improvement compared to the first year of the pandemic when consumers gave an exceptionally bleak rating of -24 in April 2020.

All consumer indicators worsened in July, with the exception of household expectations regarding their personal financial situation, which stabilised.

The expected general economic situation in Luxembourg remained in the positive numbers at 9, but more than halved compared to June when it reached 21. Consumers expected to rein in spending on major purchases compared to the month before (-18 from -12). The last time the indicator was this low was in January 2021.

Across the last 12 months, the index has fluctuated considerably. The report does not speculate why but the record uptick in consumer outlook in June 2021 could well be linked to the dramatic drop in Sars-CoV-2 infection rates in Luxembourg and relaxation of health measures.