French consumption likely decreased dramatically in January: Societe Generale

Quotes from Societe Generale Cross Asset Research:

-We expect the INSEE to report that consumer spending on goods decreased sharply by 2.4%mom (0.5% yoy) in January.

-Winter sales started on 7 January this year, the same day as the terrorist attack on the Charlie Hebdo offices, which caused a dramatic decrease in sales.

-French consumption should start to recover slowly in February as the sales period was extended by a week to compensate for the January rout.