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 number of responses. 588 euros is the average amount that respondents would like to have more in their account each month.
“A worrying observation”
If the French always felt that they lacked the purchasing power to live as they would like, the sum was 510 euros in 2022 and had never before exceeded 500 euros (467 euros in 2021).
Decrease in the purchase volume of current products but also postponement of personal projects. Fewer French people plan or continue to carry out projects (50%) due to lack of financial means. Given this, when they have to finance their large expenses, the French plan to resort to various solutions: 57% resort to their savings and 22% choose to take out consumer credit.
The French plan to restrict themselves further 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 spending items on which they plan to save money first.
A little less overdraft
However, the Barometer suggests some clear timids. If 37% of respondents claim to be overdrawn at least once a year, this rate has not changed in a 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, concerns about purchasing power seem a little less acute in the lives of the French this fall. Although it remains in the lead, Cofidis notes a slight decrease 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).
The French have adapted their consumption, putting limits on certain projects to limit their budget restrictions. Enough to limit the damage without being calm.
CSA Research Survey Methodology
Sample of 1,000 French people, representative of the French population aged 18 and over. Self-administered online sample 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.
Source: BFM TV
