Posted on by Zurbans
Christmas of the French under scrutiny!
The New Year is approaching, and the French have already prepared well for the Christmas festivities. Year-end celebrations could be quite sober this year as the whole of Europe faces rising inflation and expects its economy to stagnate in 2023. Revolut, the financial super-app that counts 25 million users worldwide, including more than 2 million in France , looked at the projects of the French and Europeans in terms of budget and expenditure for one of the most anticipated periods of the year! The survey conducted by Dynata in 10 countries, with 7,027 respondents, including more than 1,000 in France. This study also includes data on the spending of 25 million Revolut users worldwide, including more than 2 million in France.
This year, more than 5 out of 10 French people will be waiting for Santa Claus at home!
On the whole, Europeans welcome Christmas with pragmatism, caught between two opposing trends: the reduction of purchasing power and the desire to enjoy the present moment, which has developed at the same time as the Covid-19 epidemic. This year, Christmas is sure not to be all about presents, a trend that confirmed by data from Revolut and Dynat. Like Europeans, many French people will skip trips to France to go to traditional family gatherings. Indeed, only 18% of French people decided to travel to spend Christmas with their family this year, a surprisingly low figure that marks a new trend this year.
On a side note, at least as a pale, 16% will stay at home due to lack of funds.
On the other hand, 11% of French people plan to use Christmas for sightseeing.
And in case of a last-minute decision, Revolut has one of the most practical tools for planning and booking travel: Revolut Stays. This Revolut feature gives its customers a huge choice of hundreds of thousands of properties and hotels to book around the world, while allowing them to enjoy cashback on their bookings of between 3 and 10% depending on their Revolut subscription.
The French, the most generous in Europe with gifts, transport and food…
If 4 out of 10 Europeans plan to spend less than 250 euros for Christmas (gifts, food or travel), this is not the case for the French who do not skimp on the budget and are among the biggest spenders in Europe when it comes to food and gifts! If the French seem ready to make a financial sacrifice, they are not about to ignore the chestnut turkey and the log.
Even 8% of our compatriots plan to spend more than 1,000 euros on this item of expenditure, which is the highest total amount in Europe.
… But less altruistic when it comes to charitable donations!
Therefore, it would seem that the French are very generous to their loved ones, but they are not necessarily followers of donations. Indeed, the French are among the least generous in Europe in this area with donations of €1.58 per person per person last December, far behind the Irish who show €6.78 per person, the British €4.34 per person, the Poles with € 2.58, Spaniards with € 2.57 or even Germans with € 2.48 per person. For your information, the French are in 53rd place in this world ranking of charitable donations. For millions of Revolut customers around the world, donating is easy thanks to the ‘Donations’ page available in the Revolut app. The user can make an immediate donation to the charities listed in the application (local or global) or schedule a regular donation. Revolut is responsible for collecting these donations and donating them to charity, without compensation or commission. 100% of the donation amount is deposited into the account of the charity.
Useful gifts in the spotlight this year?
The trend is towards usefulness and the numbers confirm that! Indeed, Europeans will prefer practical gifts for Christmas (31%) to expensive gifts and experiences, and the French are no exception to the rule with more than 28% of them agreeing. While more than 8% would prefer an experience or a trip, almost 10% say they would appreciate any gift.
Electronics and fashion, always on top?
Many French people took advantage of Black Friday and Cyber Monday this year to buy their Christmas presents and find good deals, and if they are still shopping such as interior decoration (23%), jewelry (14%) or cosmetics (20%) they have the approval of the French and the French, fashion accessories and clothing remain unsurpassed for 60% of them. 51% of the French also always look forward to electronics with this in mind.
What solutions have been found to save on gifts?
In an inflationary context that is hitting the purchasing power of the French hard, many Europeans are forced to find solutions to be able to celebrate Christmas normally. In a low European average, 52% of the French (versus almost 60% for Europeans) simply decided to reduce their gift budget compared to last year. Equally pragmatically, almost 32% of the French say they are saving for Christmas from autumn, and more than 13% say they plan to use deferred payments/BNPL. (“Buy now, pay later”).
As for other solutions found, we highlight the purchase of gift cards at a fixed price (13%), borrowing from friends or family (4%) or even handmade gifts for almost 8% of French people!
More than 6% of French people say they do not plan to celebrate Christmas this year due to a lack of funds.
And generally improve your purchasing power?
If almost 11% of the French (and almost 12% of Europeans) say they have not changed anything in their habits due to inflation, most still prefer to take the bull by the horns to reduce their daily expenses.
Some of the most common solutions include:
- A decrease in entertainment spending by almost 53% of the French
- At the center of this year’s debates is the reduction of energy and water consumption in more than 50% of households.
- Fall in food costs for 42% of households
- Fewer trips, and thus money spent at the pump in 37% of cases
- Home cooking, not restaurants and home delivery for 35% of the French
- And loans that are found in almost 5% of cases!
New Year’s resolutions: French cautious or optimistic when it comes to money?
When it comes to getting arrested in 2023, the French seem to care more about what they have acquired, be it money, property (car, house), health or life, than about investments. In fact, 35% of French respondents (compared to 27.2% in Europe) intend to put money away in savings deposits or virtual safes. Women and men share the same level of interest in saving, with 27%, while the age segment most interested in saving is 18-24 years old (32.7%). Life insurance remains particularly popular for 17.40% of the French, compared to 12.50% of Europeans. On the other hand, mortgage loans have lost their appeal among European consumers. Only 3% of them would be interested in this product in 2023, the least in France (0.6%), and the most in Lithuania or Spain (5.4%) and in the 25-34 age group (5.1%) . Like Europeans (18.20%), many French (19.80%) also plan to keep cash under the mattress.
Cryptocurrencies continue to attract, despite the crisis
Although it faces numerous challenges, the cryptocurrency market is still attractive for investments by the youngest French. 9.3% of respondents would intend to invest in cryptocurrencies in 2023, with the strongest intention in Europe driven by GenZers and Millennials (19.3% for the 25-34 segment). Romanians (20.5%) and Poles (11%), especially among men (14%), show the most favorable attitude towards crypto investments, in 2023.
Education and knowledge are necessary to educate new customers in the world of cryptocurrencies, but also for a wider audience eager to understand the latest financial technologies. Aligning with this trend, Revolut launched a dedicated product in 2022, Learn & Earn, to enable its customers to educate themselves about cryptocurrencies…
As part of our goal to be the safest place to trade, learn and earn cryptocurrencies, Revolut regularly communicates with customers that cryptocurrencies are a volatile asset and prices can change quickly. Revolut believes in expanding access to cryptocurrencies and also recognizes that it may not be suitable for everyone, so the company encourages its customers to research different cryptocurrencies and the risks and opportunities before buying or selling. Buyers should consult independent sources and learn the differences between tokens, taking into account their own personal circumstances when buying or selling cryptocurrencies. Cryptocurrencies are unregulated. The funds are unhedged and their price is extremely volatile. Winnings may be subject to tax.