Spain Consumer & Retail Q1 2019
Our outlook for the Spanish consumer will be weaker in 2019 than the previous year, with growth in spending slowingdown in concert with a muted economy. At the same time, rising inflation will take its toll on spending power and cause a threat toreal wage growth. Unemployment is still at 14.6% as of the latest data in August 2018, and while this is on a downwards trajectory, itis fuelled in large part by a rise in temporary contract work and more younger people going into further academic study. This createsa high level of job insecurity which is reflected in the weak consumer confidence readings over the past year.
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