Report
Why does consumption not keep pace with wealth?
Since the 1990s, there has been a sharp upward trend in wealth (gross and net of debt) in OECD countries, which should normally have led to a significant fall in the household savings rate and a sharp increase in consumption. Yet household consumption has not kept pace with wealth, why? Possible explanations are that: Wealth is not perceived as real, households expect a downward correction in asset prices; The increase in wealth has benefited the richest households with a low propensity to consume; The expected population ageing has led to a high level of precautionary savings and has motivated the accumulation of wealth; The motive of transmitting wealth from one generation to the next has prevented it from being consumed.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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