The structure of consumption changes over time: the weight of expenditure, less sensitive in the short term to changes in income (pre-committed expenditure such as housing costs), has increased to the detriment of compressible consumer expenditure. The Covid crisis may also have given rise to a profound change in consumption habits, helping to support savings. In its October 2024 economic report, INSEE notes: "Compared to 2019, it is mainly the consumption of goods that is marking time: food expenditure has fallen due to the inflationary surge, energy consumption has faltered due to the sober behavior at work since the invasion of Ukraine, and vehicle purchases are down, a sign of a certain wait-and-see attitude in the face of the period of technological transition that the sector is currently experiencing."
A change in the composition of household income , with more non-wage income ( Charts 9 and 10 ) , particularly financial income. However, households react differently to thailand phone number list an income shock depending on the component affected (" The composition of income helps to understand the evolution of the household savings rate in France ", Bulletin de la Banque de France No. 227/9 of 2020): a 1% increase spread evenly across the income components leads in the long term to a 1% increase in consumption, therefore without any change in the savings rate; on the other hand, the response of households differs depending on whether the shock is centered on a reduction in compulsory deductions or is due to an increase in financial income.
In particular, the propensity to consume financial income appears to be almost zero: in the recent period, the share of income from assets in income ( Figures 11 and 12 ) has increased significantly and is concentrated on households with high incomes, and therefore a low marginal propensity to consume. Income from assets is saved "by default", without any trade-off between consumption and consumption deprivation, due to the capitalization effect . This thus contributes to the increase in the financial savings rate (which is growing faster than non-financial savings).