Consumption in France rebounded in 2024, due to a decline in inflation, according to a banking barometer published Thursday January 23, a dynamic “mainly worn by older generations”.
In 2024, total spending by French people using bank cards increased by 3.3%: a rate equal to that recorded the previous year.
But with inflation of 3.7% in 2023, the increase in spending only followed the increase in prices, notes the barometer « digital et payments » from BPCE L’Observatoire.
For 2024 (with inflation at 1.3% year-on-year in December), this is“a real recovery in volume”.
This barometer, which is in its fourth edition, analyzes consumption trends based on anonymized data from some 20 million bank cards and payment terminals.
The “dynamic” of consumption in 2024 “is mainly worn by older generations”notes the barometer. “Spending by those over 64 increased by 8%, followed by those aged 55-64 (+ 6%), while those under 35 stagnated (+ 0.5%)”. For those aged 35-55, the increase is 2.5%.
-Streaming spending is growing
For example, the data reveals an increase in spending of 15% for music streaming and 9% for video streaming. “The notable fact is the notable participation of older consumers which is increasing” spending in this sector, declared Myriam Dassa, director of the barometer, who sees “a catch-up effect”.
Similarly, in the fast fashion sector, spending by 55-64 year olds increased by 28%, compared to 12% for those under 25.
The slowdown in inflation has given some fresh air to the purchasing power of the French, but the “budgetary vigilance” remains relevant, notes the barometer. Consumers favor marketplaces (22% increase in spending in 2024), fast fashion (+20%), private sales sites (+18%), second-hand fashion (+17%) and non-food discount (+8%).
Online commerce“returns to robust growth (+7.4%), representing 28% of total French spending in 2024”according to data collected by the barometer.
Among the sectors in decline: cinemas and long-distance buses (–1% each), discount food (–2%) and dating sites (–13%). A sector “pull down by 25-35 year olds”note Myriam Dassa, “victim of the weariness of the French but also of the rationalization of expenses”.
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