French households estimate they would need an extra €512 a month to live comfortably, according to the latest purchasing power barometer from consumer credit specialist Cofidis, published on September 1. The figure is up slightly from €507 a year earlier.
The amount represents about a third of France's monthly net minimum wage, known as the SMIC. A television crew from French broadcaster TF1 put the same question to shoppers at the market in Plougastel-Daoulas, in the western region of Finistere, and got a range of answers.
One man told the crew that an extra 1,000 euros a month would make them truly comfortable. His partner was more modest, saying 500 euros would be enough, adding that it would even let them save a little.
What the extra money would buy
Other shoppers interviewed by TF1 said they would use the money differently. One woman said she would likely treat herself a bit more, going out and eating at restaurants more often, joking to the camera that she would consume differently if given the chance. Another said the money would go toward bills and petrol, explaining that she now counts every expense and that 512 euros would let her worry a little less.
According to the Cofidis barometer, if French people had that extra sum each month, 44% would spend it first on food, well ahead of leisure activities, which only a quarter would prioritise. A further 21% said fuel would be their first priority.
Inflation squeezing essential spending
The barometer found that inflation is affecting the purchasing power of nearly two-thirds of French people, which helps explain why essentials top the list of priorities. One retiree told TF1 that a few years ago she could do her shopping for 60 euros, but now the basket costs a minimum of around 90 euros. A shopper named Daniel, interviewed at a supermarket checkout, said he now pays closer attention to promotions and advertising, drives less and that his wife mainly uses public transport.
The survey also found that 58% of French people are cutting back on non-essential spending, while 32% are considering postponing certain projects because of inflation.
Fewer big-ticket plans
Mathieu Escarpit, marketing director at Cofidis France, said the barometer has never recorded so few French people saying they want to carry out projects such as home decoration, renovation work or even buying a car, in the 15 years the survey has been running. He described these as the kinds of projects that require significant spending.
The Cofidis barometer also found that nearly four in ten French people, or 39%, find themselves overdrawn at least once a year.
