2024* profile study: French people’s purchase intentions to equip their home increase by 6% in one year
In 2024, French purchasing intentions remain well-oriented with regard to the layout of the house, even if we note a more fragile and more versatile consumer in his purchasing behavior. Eighteen million households are considering purchasing their homes, with priority given to insulation, windows, heating, garden furnishings, bedding, sofas and kitchens. Declining purchasing power and rising environmental awareness are prompting the French to arbitrate their purchases between new or used, and repair rather than change. 36% of households that opt for new will use financing, with a real intention of increasing the duration of the credit.
The French involved in the work of their house and its development
Lockdowns have led the French to reorganize their homes to make them more space and easier to live in, while the economic context reinforces the trend towards a more energy-efficient home.
18 million households intend to buy at least one property for the equipment of their home in 2024, or 61% of French households. Purchasing intentions that are progressing strongly are windows (+83.3%) and heating systems (+42%). The kitchen also obtained a more favorable arbitrage in 2024 with 3.2 million households considering a purchase for this room (+23%).
In terms of work, nearly half of homeowners will start work in 2024 (47%). It is the simple work such as the laying of wallpaper or the painting of the walls that will be mostly carried out (21% of households). Then in second place, we find the work of interior and exterior insulation, the French having realized that good insulation was a significant asset to save on their gas or electricity bill.
Competition between new and used… and between repair and changeIn a period of rising prices and intense tensions on their purchasing power, households arbitrate. What is new is that the trade-off is increasingly between new and opportunity, between repairing rather than changing, and no longer simply between purchases of new products in different categories of purchase (clothing vs home equipment for example).
The French no longer hesitate to resort to the second-hand market. 34% of households planning to equip themselves in 2024 are willing to use second-hand equipment for at least one of their purchases, up from 29% in 2023. This mainly concerns furniture (table, chair, desk, etc.) and sports equipment.
They also prefer to repair rather than discard and replace their equipment. 82.7% of French people say they prefer to repair a piece of furniture or a household appliance when it is damaged or broken down rather than buying a new one. The doubling of the repair bonus amount for the five appliances that are the washing machine, dishwasher, dryer, vacuum cleaner and TV should reinforce this trend.
When households prefer to buy back and dispose of the damaged product, they do not hesitate to give it a second life. Thus only 30% of households that separate their furniture rather than repair it will throw it away, while a quarter will give it to an association, another quarter will resell it second-hand and the remaining 20% give it to their family or friends.
The ecological argument is advancing
Although the search for savings is the primary reason for second-hand purchases for 65.7% of French people, the ecological argument is growing and is cited by 40.5% of future buyers of second-hand products.
More than half of the French (51.5%) also agree with the fact of favoring local manufacturing even if it means paying more and they are as likely to buy eco-responsible manufacturing products for their home (54.2%).
36% of prospective home buyers will use a financing solution for at least one of their home equipment purchases in 2024These intentions are down compared to 2023 in all categories, even though the pressure on purchasing power remains high. The use of financing will be favored for the most expensive purchases. Heating system (40.2% of future buyers), then air conditioning (39.8%) and the purchase of sofas and armchairs (34.5%).
Following the rise in prices and interest rates, consumers are very vigilant about the amount of monthly payments. Some will prefer to extend the duration of their funding. This is mainly the case for the purchase of windows (43.30%) and sports equipment (40%). Others will prefer to reduce the amount of their purchase. This is the case for the purchase of home automation (50%), a dressing room (42.9%) or the insulation of the housing (41.2%).
A shopping journey that starts more than 80% onlineEven if the French prefer very much buying in store to develop their housing, in 2024 they want to spend more time at home, because the economic and social situation pushes them there (67%), but also because this house remains a “refuge” against the world around them (88%). They will be 8 out of 10 to start their online shopping journey, from home. These trends should encourage professionals in the sector to develop even more the omnichannel of their journeys and develop service and advanced advice in stores.
The effects of the energy and economic crisis on consumer attitudes will still be present in 2024. Although the environmental issue is progressing, it remains trailed by a very strong financial concern. Trends in home equipment such as repair and opportunity address both of these issues, and businesses in the sector have a vested interest in fostering these behaviors. The funding will also be a way for the French to continue to improve their habitat and in particular its energy performance.
Study conducted online from November 24 to December 7, 2023 among a representative sample of 6,000 French households on criteria of age, occupation, region of residence, type of housing and occupancy status of this housing according to the quota method. Find the entire study on pro.sofinco.fr.
Sofinco Press Service : Claire Garcia / +33 (0)1 87 38 22 81 / +33 (0)6 80 41 17 77 / presse@ca-cf.frIPEA Press Service : +33 (0)6 73 47 83 98 / gazel@institutdelamaison.fr
About SofincoIn France, Sofinco is the trademark of Crédit Agricole Consumer Finance, a consumer credit subsidiary of Crédit Agricole S.A., which for 70 years has been distributing a wide range of loans to individuals and associated services across all distribution channels: direct sales, point-of-sale financing (automotive and home equipment) and partnerships. Sofinco offers flexible, responsible solutions adapted to the needs of its customers and partners (major retail, specialized and institutional retailers), which are part of its project “Sofinco for Good, the promise of shared progress”. The Google UX Finance 2022 Benchmark has awarded Sofinco.fr the title of “Best Customer Journey”. For more information : www.sofinco.fr
About l’IPEAThe IPEA is the reference institute on the knowledge of the markets of the layout and decoration of the house. Since September 2020, IPEA has been promoting its “Institut de la Maison” brand to formalize its expertise in all the home markets. The Institut de la Maison manages two panels: one for consumers and one for distributors. In 2022, the first one made it possible to carry out more than 45,000 completed surveys among French people on their purchases, their purchasing intentions and their relationship at home. The second is a panel with distributors in the furniture and decoration markets that annually tracks more than 10 billion sales, 75% of which are reported at the reference.