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

“ I think we will be faced with two France. A France which was able, during these two months of confinement, to save part of its income. And another who is already in difficulty and for whom it will be much more complicated . At the beginning of May, Dominique Schelcher, CEO of Système U, expressed his concerns about the purchasing power of French people coming out of confinement and its consequences: an economic fracture within society.

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The 9th edition of the annual Cofidis / CSA * barometer entitled " The French and their purchasing power ", of which Le Figaro had the scoop, seems to confirm this existence of " two France " out of confinement. The first is that of the wealthiest French, relatively spared by the crisis. Among those who receive more than 3000 euros per month, 75% declare that the health crisis has not " reached their personal financial situation ". 62% of executives and liberal professions were able to continue their full-time activity during this period, an opportunity which enabled them to save.

The situation is quite different for the lower socio-professional categories. Many of them (26% of manual workers, 24% of CSP- and 22% of employees) say they have been placed on short-time working, compensation being paid up to 84% of the employee's net salary. In addition to pre-existing difficulties, there was a decrease in income which left them very little room to save.

74% of traders, artisans and business leaders also believe that their personal financial situation is already affected by the health crisis. Many, particularly in the hotel and catering sector, simply had to cease their activity due to containment measures. In total, " Four out of ten French people are already seeing their purchasing power attacked by the crisis, " explains Mathieu Escarpit, marketing director of Cofidis.

Little confident in the future

Those for whom confinement has been synonymous with financial difficulties do not consider themselves at the end of their sentences. 70% of CSPs- think that their personal financial situation " will be more affected in the coming months ". This fear concerns 62% of the entire panel.

Consequently, the consumption of the French in this period of deconfinement is marked by " a certain feverishness and a wait-and-see attitude ". This discourages them from carrying out projects that require significant expenditure. And this, even among the CSP + who consider themselves spared by the crisis (68% want to carry out projects this year, against 74% last year).

The French are also reviewing the method of financing these projects. 64% plan to draw on their personal savings, 9 points more than the previous year). Consumer credit, which requires a longer-term commitment, is less popular: 27% of French people are thinking about it, compared to 37% in 2019.

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

The coronavirus stopped this trend and turned this relative thinning into frank pessimism. Health comes first among the concerns of the French (it is a priority for 57% of them) while the environment is losing ground (21%) and the theme of employment is progressing strongly: it is a major concern for 21 % of French people, six points more than last year.

The context is indeed anxiety-provoking. " The French have learned of the layoffs at Renault, the intentions of lower wages at Ryanair ... Half of them are now worried about his professional future, and 74% do not trust in a rapid economic recovery . They believe that the wave is ahead of us, ”concludes Mathieu Escarpit.

Read also: Purchasing power: are the French right to fear the return of high inflation?

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