Coronavirus: three-quarters of French believe that their purchasing power will not improve this year

"I think we're going to be faced with two France. A France that has been able, during these two months of confinement, save a portion of their income. And another one which is already in difficulty and for whom this is going to be a lot more complicated". In early may, Dominique Schelcher, president and CEO of système U, had expressed his concerns about the purchasing power of the French to get out of the containment and its consequences: an economic divide within the society.

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the 9th edition of The annual barometer Cofidis/CSA* entitled "The French and their purchasing power", of which The Figaro had scoop, seems to confirm the existence of the "two France" to get out of the containment. The first is that of the French the most affluent, relatively unaffected by the crisis. Among those that affect more than 3000 euros per month, 75% reported that the health crisis has not "reached their personal financial situation". 62% of managers and liberal professions have been able to continue their full-time activity during this period, an opportunity which enabled them to save.

The situation is quite different for the socio-professional categories were more modest. A lot of them (26% of manual workers, 24% of the CSP - and 22% of the employees) say that they have been placed on partial unemployment, the compensation being paid to the tune of 84% of the net salary of the employee. To the existing difficulties is, thus, added to a decrease in income that has left them very little margin for saving.

74% of traders, artisans and business leaders also believe that their personal financial situation is already affected by the health crisis. Many, especially in the sector of hotels and restaurants, have simply had to stop their activity because of the containment measures. In total, "Four in ten French are already seeing their purchasing power, and attacked by the crisis," says Mathieu Escarpit, marketing director at Cofidis.

Little confident in the future

Those for which the containment has been synonymous with financial difficulties do not feel that they are at the end of their sentences. 70% of CSP - think their personal financial situation "is going to be more affected in the coming months". This fear for 62% of the whole panel.

accordingly, the consumption of the French in this period of déconfinement is marked by "a certain restlessness and a "wait and see". This reduces the incentive to undertake projects that involve large expenditures. And even among the CSP+ who feel unaffected by the crisis (68% want to carry-out projects this year, compared to 74% last year).

The French review also the mode of financing of these projects. 64% plan to dip into their personal savings, which is 9 points higher than the previous year). Consumer credit, which requires a longer term commitment, unless the coast: 27% of the French are considering, compared to 37% in 2019.

The uncertainties of the coming months are all the more difficult to live than the French lived, in the months leading up to the health crisis, a certain stability of their purchasing power. 45% of them felt that it had stabilized.

coronavirus has brought it to a halt to this trend and has transformed this bright spot on in frank pessimism. Health care tops the concerns of the French (it is a priority for 57% of them) while the environment and pick-up (21%) and that the theme of employment has increased strongly: it is a major concern for 21% of the French, which is six points higher than last year.

The context is indeed anxiety-provoking. "The French have been informed of the redundancies at Renault, of the intentions of lowering of wages in Ryanair... half of them are worried now for his professional future, and 74% do not have confidence in a quick economic recovery. They believe that the wave is in front of us," concludes Mathieu Escarpit.

read also : purchasing Power : the French have reason to fear the return of high inflation ?

*Survey conducted by the CSA Research for Cofidis, by self-administered questionnaire from April 27 to may 5, 2020, with a sample of the 2011 French representative of the French population aged 18 years and over.

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