France’s fragile political climate could tip the country’s economy into recession, according to Alexandre Bompard, the chief executive of Carrefour SA, Europe’s largest retailer.

Speaking at the Medef business lobby’s annual gathering on Tuesday, Bompard painted a sobering picture of how ongoing uncertainty in France is shaking consumer confidence. He argued that political instability, which has intensified in recent days, is making people think twice before spending — a trend that threatens to stall growth.

“The more uncertainty there is — as is the case today, with the new uncertainty created over the last few days being an obvious illustration — the greater the risk of a strong economic impact,” Bompard explained. “When consumers start delaying their purchases, we recreate the risk of a recession.”

For months, consumer spending has been the main engine keeping France’s economy afloat. With inflation easing slightly and wages showing signs of improvement, households had been cautiously returning to stores. But that momentum may now be in jeopardy. Shoppers are hesitating on big purchases, businesses are slowing investments, and companies like Carrefour are beginning to feel the tremors.

The warning from Bompard reflects a growing unease among business leaders. Many fear that if households retreat further, the slowdown could quickly spiral. France is already wrestling with sluggish growth, high public debt, and lingering inflationary pressures. Political turbulence adds yet another layer of fragility.

Economists often describe consumer sentiment as the heartbeat of the French economy. When confidence weakens, the impact spreads quickly — from supermarkets and restaurants to housing markets and car sales. That ripple effect is exactly what Bompard cautions against.

His comments at the Medef conference underscore how sensitive business leaders are to shifts in public mood. “It’s not just about today’s numbers,” one attendee noted. “It’s about whether people believe tomorrow will be better or worse. If doubt takes over, the economy can stall in weeks, not months.”

The concern is that political divisions, policy uncertainty, and street protests — which France has experienced repeatedly in recent years — may combine to choke off the fragile recovery. Bompard’s remarks suggest that even resilient sectors like retail are beginning to see warning signs.

As France navigates its political turbulence, the message from one of the country’s most influential CEOs is clear: stability matters, not just for governments but for every household deciding whether to spend or save. Photo by ActuaLitté, Wikimedia commons.