New Market Research Report: France Autos Report Q4 2013

From: Fast Market Research, Inc.
Published: Mon Sep 23 2013

Vehicle sales in France continue to decline sharply in 2013 on the back of a weak macroeconomic picture. We maintain our bearish full-year sales forecasts for now. Nonetheless, we caution that risks to these forecasts remain firmly to the downside, as a further deterioration in the macroeconomic picture could serve to exacerbate the declines further.

BMI believes that rising unemployment, low consumer confidence, stagnant real wage growth and the increasing likelihood of a slowdown in the housing market are all liable to keep private consumption subdued in 2013. This has partly informed our bearish outlook for passenger car sales. We caution, however, that further contractions in consumer spending could provide downside risks to our sales forecast.

Autos production in France is increasingly unattractive due to high labour costs; BMI believes that significant job cuts will be necessary across the supply chain. Indeed, the decline in France's industrial competitiveness is a fundamental issue facing French President Francois Hollande.

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