Tomas Dvorak, a senior economist at the Oxford Institute of Economics, said that under the influence of real income growth and falling interest rates, consumer spending in the Eurozone showed positive signs in the second half of 2024; Eurozone economic growth depended on consumer spending. However, he said that this does not mean that the growth momentum will continue to increase; instead, spending growth may stabilize at around 1.5% in 2025. The main risk of rising spending comes from the labor market, where a weaker labor market is likely to dampen wage growth. Dvorak notes that even if the job market remains strong, rising uncertainty could lead to an increase in preventative savings. He also said that potential tariffs will also hurt spending. After all, rising prices will reduce purchasing power, and if industries hit by tariffs lay off workers, consumers may also reduce purchases.

Tomas Dvorak, a senior economist at the Oxford Institute of Economics, said that under the influence of real income growth and falling interest rates, consumer spending in the Eurozone showed positive signs in the second half of 2024; Eurozone economic growth depended on consumer spending. However, he said that this does not mean that the growth momentum will continue to increase; instead, spending growth may stabilize at around 1.5% in 2025. The main risk of rising spending comes from the labor market, where a weaker labor market is likely to dampen wage growth. Dvorak notes that even if the job market remains strong, rising uncertainty could lead to an increase in preventative savings. He also said that potential tariffs will also hurt spending. After all, rising prices will reduce purchasing power, and if industries hit by tariffs lay off workers, consumers may also reduce purchases.