why France remains behind, according to the boss of Fnac

This critical analysis, supported by figures and clear trends, raises major questions about the economic future of France.

Stagnant consumption despite a more favorable context

The president of Fnac Darty notes that “household consumption has not taken off”, a situation which contrasts sharply with that of neighboring countries such as Spain, Italy or Portugal. According to him, although wage increases have partly offset the increase in constrained spending (food, energy), French households continue to favor savings. In 2022 and 2023, the savings rate absorbed a large part of the gains in purchasing power, a sign of a deep crisis of confidence.

Martinez highlights a paradox: while economic conditions are improving slightly, the French seem more reluctant to consume, particularly in the cultural goods sector.

The challenge of “pleasure” shopping and the rise of responsible alternatives

So-called “pleasure” consumption (books, vinyls, toys) is struggling to regain its pre-crisis dynamism. Flagship products such as books remain at the top of sales, but the lack of real growth in this segment is worrying. To compensate for this stagnation, Fnac Darty has turned to more sustainable models, such as reconditioned products and repair services..

« We have chosen to promote a virtuous consumption model by developing reconditioned products », underlines Enrique Martinez.

This strategic positioning responds to a growing demand for economical and ecological solutions, while being part of a responsible innovation approach.

Cultural and economic issues: Fnac Darty facing digital challenges

Another point raised in the interview concerns the place of digital technology in the habits of consumers, particularly young people. With initiatives such as support for the Darcos law or the partnership with the Goncourt prize for high school students, Fnac seeks to counter the excesses of digital technology which reduce the time spent on reading.

« The time spent on social networks sometimes reaches four to five hours per day. It affects thinking and social relationships », deplores the president.

In addition to digital, Fnac Darty is observing a return to more tangible products, such as vinyls, which now represent 60% of music sales. This phenomenon, amplified by collector's editions of K-Pop, testifies to a quest for nostalgia and authenticity among consumers.

An unflattering comparison with Europe

The French economic situation is compared to that of its European neighbors. While countries like Italy, a former “bad student” of Europe, are recovering thanks to structural reforms, France seems to be lagging worryingly behind.

« Italy, once the black beast of Europe, today shows better competitiveness, thanks to painful but effective choices “, explains Enrique Martinez.

Fnac Darty, with its recent expansions in Italy via the acquisition of Unieuro, intends to strengthen its position in a fragmented European market to face giants like Amazon. Faced with this contrasting picture, several questions remain unanswered: will France succeed in stimulating sustainable and competitive consumption? Will cultural companies like Fnac Darty succeed in adapting to changing consumer expectations? One thing is certain: without ambitious economic reform, the country could see its role in the European economy continue to decline.