Are these the beginnings of a recovery in consumption, or a signal of the increased difficulties of the French in the face of the crisis?
In October, for the first time since the start of the year, households drew on their reserves, whereas they had so far constituted a historically high jackpot, divided between livret A and sustainable development and solidarity booklets ( LDDS).
Read also: Investments: the French secure their savings in an uncertain context
In total, between January and October inclusive, households deposited 31.73 billion euros on these two products, including 24.82 billion euros on the single booklet A. This cumulative collection is historic, reaching almost double the amount. that recorded over the same period in 2019 (only 16.77 billion euros).
And this, while the rate of return of the livret A has never been so low, since February 1, now amounting to 0.5%.
In detail, the collection of the livret A recorded a decrease of 940 million euros in October, when that of the LDDS fell by 80 million euros.
The outflow therefore slightly exceeds one billion euros for the two combined products.
Net monthly collection of livret A and LDDS since January 2020 Le Figaro, Caisse des Dépôts
This outflow is not in itself a surprise, the end of the year is often a period when the French dig into their savings.
In October 2019, thus, 2.57 billion euros had been withdrawn from these two products.
The month of November then ended slightly in the positive, before a month of December again marked by a decline in savings.
Historically high savings
Still, households have never set aside so much as in this year marked by the health crisis and the economic outlook, to say the least, uncertain.
The Caisse des Dépôts specifies that "
the total outstanding amount on the two products reached 442.7 billion euros at the end of October 2020
".
Over the last decade, only the years 2011, 2012 and 2013 had seen collection reach such high levels.
A desire to put money aside which was easily explained by the crisis which was then hitting the world.
In recent years, households have been cautious, and are saving more and more.
Something to worry about the authorities, who are counting on consumption to support the recovery.
For the time being, uncertainty remains about consumer behavior, on the eve of the end of the year holidays.
The experience of deconfinement has underlined the propensity of the French to spend part of the money set aside during these weeks spent at home, allowing businesses to fill up after a period of lean cowardice.
This time again, professionals hope to be able to count on this type of so-called “
revenge
” or “
vent
”
purchases
to fill their coffers.