In a recent survey by Sofinscope, it was revealed that the incompressible expenses of the average French household have increased by 294 euros per month compared to last autumn. This financial strain has led to significant shifts in the consumption patterns of the French population. In response to these rising costs, 70% of the respondents reported changing their consumption habits to save money, and 61% had to cut certain expenses because they could no longer afford them.
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Inflation's impact on consumer behavior
With the inflation rate on the rise, 70% of the surveyed French citizens mentioned that they have adjusted their consumption habits to mitigate the effects of inflation on their budgets. Interestingly, 78% expressed an intention to maintain some of these altered habits in the long term. These changes include a higher degree of price comparison (62%), waiting for products to go on sale before purchasing (55%), canceling unused subscriptions (43%), and frequenting discount retailers more often (39%).
Over 60% of respondents reported having to forego purchases or cut expenses due to financial constraints. Consequently, 32% reduced spending on clothing, 31% cut back on entertainment (such as theater, cinema, and dining out), 29% lowered energy expenses, and 22% spent less on groceries.
Financial concerns amid efforts
Despite their efforts to economize, more than half of the surveyed individuals remain apprehensive about their financial situation, uncertain about how they will manage if prices do not start to decline.
Increased use of payment facilities
To cope with these financial pressures, 39% of the respondents have turned to various payment options in the last six months. In addition to their regular income, 35% tap into their savings, while 39% use payment facilities. Notably, 32% have availed themselves of interest-free installment plans, 16% have used installment payments with fees, 14% have opted for deferred payments, and 10% have resorted to consumer loans.
Inflation as an opportunity for responsible consumption
Despite widespread concerns over inflation, some respondents view it as an opportunity to consume more responsibly and have a positive impact on the environment (45%). Notably, 11% now favor renting items instead of purchasing them, and 32% are buying more second-hand products compared to before.
In conclusion, the survey highlights the significant financial challenges faced by many French households due to rising expenses, leading to shifts in consumer behavior and a growing desire for more responsible and sustainable consumption practices.
