73% of respondents intend to reduce their clothing budgets in 2023
Cassidy STEPHENS
In the face of inflation, the French are a little more cautious than others when it comes to consumption, all sectors taken together. According to a study carried out by the consultancy firm Wavestone* 75% of French consumers say they will reduce their spending in 2023, compared to 68% for the world average, which takes into account five countries: France, Germany, the United Kingdom, the United States and China.
The sectors that will be the most affected by this budgetary prudence are clothing with 73% and electricity with 71% of respondents determined to cut back in these areas. Food is the area that will be least affected, with 58% of participants intending to spend less in this area.
“In France, demand will not be driven up by the upper income groups. In fact, middle and high income earners plan to reduce their consumption in almost the same proportions as the more modest French. This is a generalized gloom in France, which is the only country, along with Germany, where even the richest people do not plan to consume more”, notes the study.
The responisble option is no longer an option
When it comes to choosing a responsible product (all sectors combined) that is often more expensive, the majority of French consumers will be more reluctant to choose the option that is less harmful to the planet: 18% more this year (63% compared to 45% in 2021) do not want to pay more for a responsible product, “thus joining the most deprived (61%, +4% compared to 2021).”
When purchases are made online, it appears that a good deal can convince consumers to wait longer to receive their order, with 84% of respondents prepared to accept a longer delivery time for a lower delivery cost.
Luxury consumers
The Wavestone survey also focuses on the luxury sector, comparing consumers habits according to the countries studied. It appears that senior citizens (65 years and over) are the biggest consumers of luxury goods in France (27% of buyers in this market, compared to less than 10% in other countries), while in the United States, young people aged 18 to 34 lead the way with 42%.
“The share of luxury consumers aged 18 to 24 is twice as high in the United States (10%) and the United Kingdom (10%) as in France (5%)”, the document adds, specifying that, in all countries, the very high annual spending on luxury products (over 3,000 euros) is carried by the under 34s.
*Study based on a survey conducted in November 2022 using the Kantar Profiles consumer panel in France, Germany, the UK, the US and China.
