With inflation on the rise, half of French consumers (49%) aged between 18 and 30 are pessimistic about their purchasing power, a new study by retailer E.Leclerc has found.
The l'Observatoire E.Leclerc des Nouvelles Consommations (E.Leclerc Observatory of New Consumption) report found that close to one in three young people regularly skip meals because they can't afford to eat, while 26% of university students have a budget of €10 or less to spend on food per week.
Around two-fifths (41%) of young French consumers say that they live on a budget that 'barely allows them to meet their basic needs', with a higher percentage of those living in rural areas (54%) or working (61%) answering the same.
In addition, just over half (52%) believe that they are 'not doing well financially', with higher percentages evident among young job seekers (64%) and young parents (59%).
Making Trade Offs
With a limited budget, young consumers are forced to make trade offs, E.Leclerc's study found. A quarter say that they live with less than €50 per week, while two thirds have less than €100. This takes into account food, transport and household expenses.
Some 79% say that they are 'very careful' about their food expenditure, even if it means not being able to eat a balanced diet for lack of means (50%), or restricting the quality of what they eat.
In order to support themselves, close to half (49%) say that they have asked relatives, family or friend for financial support to purchase food, while some 30% have used food banks, the study found.
© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.