2023-09-20 12:00:24
The French estimate that they should have 588 euros more per month to be able to live peacefully. That’s almost 80 euros more in one year, according to the Cofidis Barometer.
How much do you need each month to live comfortably? This question asked every year for 12 years in the Cofidis Purchasing Power Barometer has never had such a high amount in response. 588 euros is the average amount that the people surveyed would like to have more in their account each month.
“A worrying observation”
If the French have always felt that they lacked the purchasing power to live as they would like, the sum was 510 euros in 2022 and had never exceeded 500 euros before (467 euros in 2021).
“A worrying observation which clearly illustrates the difficulty the French have in coping with the current inflationary context, estimates Cofidis. Furthermore, if they had this sum, consumers very largely indicate (64%) that they would allocate it to their food expenditure (score up 11 points over one year).”
Decrease in purchasing volumes of current products but also postponement of personal projects. Fewer French people plan or continue to make projects (50%) due to lack of financial means. Faced with this, when they have to finance their major expenses, the French plan to resort to several solutions: 57% draw on their savings and 22% choose to take out consumer credit.
The French plan to restrict themselves even more with a clear strategy: less non-essential spending and paying attention to the prices of everything they buy. In fact, clothing (36%) and leisure activities (35%) are among the expenditure items on which they plan to save money first.
A little less overdraft
However, the Barometer suggests some timid clearings. If 37% of those questioned say they are overdrawn at least once a year, this rate has not changed in one year (38% in 2022). The average amount of this overdraft has not increased either (361 euros in 2023, 368 euros in 2022).
While prices have stabilized in supermarkets in recent months, concern regarding purchasing power seems a little less acute in the lives of the French this fall. Although it remains in the lead, Cofidis notes a slight decline among those who make it their main concern (6 points less compared to 2022). However, it would be hasty to conclude that their situation is improving. This is partly explained by the fact that other concerns are now coming to the fore, including insecurity (which increased by 6 points compared to last year).
“A certain lull is observed this year, despite the significant effects of inflation on the wallets of the French, analyzes Mathieu Escarpit, the marketing director of Cofidis France. The strategies and budgetary constraints that they have imposed on themselves since start of the crisis still do not seem to be sufficient. The French tell us that they will further reduce their spending for 60% of them.”
The French have adapted their consumption, drawing a line under certain projects to limit their budgetary constraints. Enough to limit damage without being serene.
CSA Research survey methodology
Sample of 1000 French people, representative of the French population aged 18 and over. Self-administered sample online from June 21 to 28, 2023, constituted according to the quota method on the following criteria: sex, age, profession, region of residence and urban area category.
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