In France, a study has revealed a new trend: the French are saving like never before. On average, households now put aside 19% of their income, but as a result, consumption is shrinking, as Charlotte Lam explains.

Paris

French households have increased their savings rate to nearly 19% of their earnings, the highest level in 45 years outside of the COVID-19 period, according to the French National Institute for Statistics and Economic Studies. This trend is primarily driven by older and wealthier individuals, with total household savings now estimated at 6.3 trillion euros, almost double the nation's debt.

The rise in savings corresponds with a decline in consumer spending, as household consumption fell by 0.3% in July. The restaurant sector has been particularly affected, with visits dropping by up to 30% during the summer. Retailers attribute this cautious spending to ongoing political uncertainty, which has left many French consumers hesitant to make significant purchases.

Record savings rate reflects French concerns over future

Saving seems to be the new craze for French households. For this Parisian, cautious spending has become second nature. When it comes to more expensive purchases, it's complicated because you're not sure what the outcome will be. New figures from the French National Institute for Statistics and Economic Studies show in the second quarter of this year, households put aside nearly 19% of their earnings. That's the highest rate in 45 years, excluding the COVID-19 period, with 7 in 10 saying they're worried about the future. This rise in savings is mainly driven by two categories, the oldest and wealthiest. The numbers suggest French savings now amount to a staggering 6.3 trillion euros, almost double the size of the country's debt. But what's going into savings isn't being spent. I have to watch my budget, watch what I spend, so that I have to focus more on what's essential. More data shows in July household consumption fell by 0.3%. The Hotel Trades and Industry Union says no sector has felt it more than in restaurants, with visits in the summer dropping between 25 and 30%. Retailers warn the current political turmoil is only feeding uncertainty. Today the political context, the illegibility, the announcements made by members of parliament and the government all add to this anxiety. Should we buy a car? Should we postpone? There's no answer, there's no vision. For now the nation's political uncertainty seems to be keeping wallets closed and savings at a record high.

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Breakdown