Fewer goods, more services and leisure: when demographic shock transforms retail

Featured image of the article Fewer goods, more services and leisure: when demographic shock transforms retail
In 2025, the number of deaths surpassed the number of births in France. At the Retail Data Day on February 5, 2026, and at the BNP Financial Services Cetelem's Observatory barometer on consumption trends, the theme of ageing and the impact on the economy, retail and consumption dominated the discussions. Details here.

Faced with ageing populations in Europe, consumption is set to change shape. In 2025, France recorded 646,000 births and 651,000 deaths. For the first time since 1945, the curves crossed. With life expectancy continuing to rise, the 15 million seniors (65 and over) represented 22% of the French population at the end of 2025, compared with 16.4% in 2006, according to Insee. By 2050, they will represent 19 million and France will drop by 1 million people. “We have gone from a positive nat

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