Overseas network, October 11, according to the latest annual survey by French bank comparison website Panorabanques, 82% of respondents in France have reduced consumption in the face of rising prices putting pressure on budgets.
Panorabanques, a French bank comparison website, conducts an annual survey of the purchasing power of the French people, which helps to understand the evolution of the consumer situation, BFMTV news reported Tuesday. Inflation has taken a heavy toll on their budgets in the last two years.
According to the report, 41 percent of French people in 2023 consider their purchasing power to be "low," a proportion that has been consistently higher since 2022 than before inflation, and 36 percent in 2021 before high inflation. In addition, 58% of French people consider their purchasing power to be "fair" in 2021, falling to 53% in 2023. On the other hand, the percentage of respondents who described their purchasing power as "high" held steady at 6 percent.
The report also shows that French respondents estimate that inflation has increased their monthly budget by an average of 120 euros (about 930 yuan), which is a 7% increase compared to the average figure for 2022, and 16% of respondents even estimate that their monthly budget has increased by more than 200 euros (about 1550 yuan). Eighty-five percent of respondents cited rising food prices as the main reason for this increase.
Facing pressure on budgets from rising prices, 82 percent of French respondents said they had cut back on spending, with a third relying on savings and 6 percent relying more on relatives for help.
The French are limiting their spending to avoid overdrawing more often than in the past. In 2023, 47% of respondents overdrew at least once in a year, compared to 46% in 2021, a relatively stable proportion. (Overseas Network - Paris - Lujia)
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