Despite financial constraints, a majority of French people (55%) are confident about the impact of the economic climate on the organization of their holidays.
their Christmas festivities, according to this CSA survey for Cofidis.
Despite a sharp fall in inflation this year to 1.2% in October year-on-year (compared with 4% a year earlier), the French budget for Christmas will remain constrained again this year. In fact, it will be at an all-time low, according to a study conducted by CSA Research for Cofidis*, unveiled exclusively by Le Figaro this Tuesday. For the first time since the consumer credit company began producing this annual barometer, born in 2017, the average budget planned for the festive season is less than 500 euros: 497 euros to be precise, 52 euros less than in 2023.
“In detail, the budget allocated to Christmas varies from simple to double depending on age”the study points out: it reaches 326 euros among 25-34 year-olds, compared with 718 euros among those aged 65 and over. Of this total, gifts are by far the biggest item of expenditure for the French (323 euros, 9 euros less than last year), ahead of meals (132 euros, 12 euros more than in 2023). Next come decorations (27 euros), clothing (21 euros) and, finally, transport (17 euros).
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Signs of brightening
A shrinking budget due to economic fears. Nearly one in two French people (45%) are pessimistic about the impact of the economic climate on their Christmas spending. These concerns relate primarily to the price of food (75%) and gifts (66%). “This year, the Christmas festivities are once again taking place in a climate of anxiety for the French, who are nonetheless inclined to feel that the economic context is having a positive impact on their purchasing power”.comments Mathieu Escarpit, Marketing Director of Cofidis France, quoted in a press release. It’s also worth noting that one French person in five (20%) admits to dreading transport disruptions this Christmas, after the 2022 festive season was marked by a major strike at the SNCF, and as the railway company’s unions announced on Saturday an unlimited strike action starting December 11..
At the same time, however, the survey reveals signs of a brightening in the mood of the French. This year, a majority of French people are confident about the impact of the economic climate on Christmas (55%), “a sign of the impact of slowing inflation on their wallets”.notes the study. A third of those surveyed (32%) even said they would not seek to limit their spending this year, the highest level recorded since 2021 (33%), “suggesting the beginning of an improvement in French purchasing power, in an economic context that is tending to stop deteriorating”.deciphers Cofidis. “Christmas 2024 promises to be a brighter time thanks to the slowdown in inflation on French people’s wallets. They are more serene in managing their budgets, although arbitration and financial strategies are still required to get through the festive season.”concludes Mathieu Escarpit.
*Survey conducted by online self-administered questionnaire via panel, from October 17 to 21, 2024, among a representative national sample of 1010 people aged 18 and over (quota method).