In Q1 2025, household consumption fell unexpectedly (-0.2% after +0.1%), despite the purchasing power gains recorded during 2024. The household savings rate has risen again, standing at 18.8% at the beginning of the year, the highest rate since the end of the 1970s, excluding the exceptional lockdown periods during the health crisis, in a context in which four out of ten households claim to be putting money aside and seven out of ten report that they are limiting their consumption. The consumption of goods fell back sharply (-0.5% after +0.2%) and purchases of food goods contracted (-0.8%). While the sharp drop in tobacco consumption, following the January price rise, contributed to this downturn (-0.1 point of the total drop in consumption over the quarter), food consumption excluding tobacco also contracted slightly, by -0.1% (partly due to the timing of the Easter festivities in April, unlike last year when the event took place in March). Car purchases edged down significantly after the substantial increases at the end of 2024, when households brought forward their purchases in anticipation of the introduction of public policies likely to raise the prices of new cars (including changes to the bonus and malus scales). The scale of the downturn at the start of 2025 was such that it has taken purchases of transport equipment back below their summer 2024 level. In services, consumption returned to a more trend-based pace (+0.3% after -0.2%), after the jolt due to the organisation of the Paris Olympic and Paralympic Games, which had provided a one-off boost in the summer that was wiped out in the autumn. However, spending on accommodation and food services fell back...