{"id":42573,"date":"2025-05-07T11:50:05","date_gmt":"2025-05-07T09:50:05","guid":{"rendered":"https:\/\/personal-finance.bnpparibas\/?p=42573"},"modified":"2026-08-24T14:25:40","modified_gmt":"2026-08-24T12:25:40","slug":"mobility-consumption-minute-april-2025-coaches-us-tariffs","status":"publish","type":"post","link":"https:\/\/personal-finance.bnpparibas\/en\/mobility-consumption-minute-april-2025-coaches-us-tariffs\/","title":{"rendered":"April 2025 Mobility &amp; Consumption Minute: long-distance coaches turn 10, who really pays tariffs?"},"content":{"rendered":"<div class=\"container\">\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>\n\n<div class=\"container\">\n<div class=\"wp-block-group has-green-dark-background-color has-background is-layout-constrained wp-container-core-group-is-layout-e3964afe wp-block-group-is-layout-constrained\" style=\"border-top-left-radius:28px;border-top-right-radius:28px;border-bottom-left-radius:28px;border-bottom-right-radius:28px;padding-top:var(--wp--preset--spacing--60);padding-right:var(--wp--preset--spacing--60);padding-bottom:var(--wp--preset--spacing--60);padding-left:var(--wp--preset--spacing--60)\">\n<p class=\"has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"color:#ffffff\">Every month, the&nbsp;<strong>Mobility Minute<\/strong>&nbsp;and the&nbsp;<strong>Consumption Minute<\/strong>&nbsp;explore two major trends transforming consumer behaviour in France and across Europe.<\/p>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-2 wp-block-paragraph\" style=\"color:#ffffff\">Presented by Flavien Neuvy, economist and Director of the Cetelem Observatory, these two analyses provide a one-minute overview of the developments shaping the mobility and consumer markets.<\/p>\n<\/div>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">In April 2025, two issues stand out:<\/p>\n<\/div>\n\n<div class=\"container\">\n<ul class=\"wp-block-list\"><div class=\"container\">\n<li class=\"has-green-dark-color has-text-color has-link-color wp-elements-3\"><strong>Ten years after the market was liberalised, long-distance coach services carry more than six million passengers a year<\/strong><\/li>\n<\/div>\n\n<div class=\"container\">\n<li class=\"has-red-color has-text-color has-link-color wp-elements-4\"><strong>A significant share of the cost of US tariffs is ultimately likely to be borne by American consumers.<\/strong><\/li>\n<\/div><\/ul>\n<\/div>\n\n<div class=\"container\">\n<h3 class=\"wp-block-heading\"><strong><strong>Mobility Minute: France\u2019s \u201cMacron coaches\u201d turn 10<\/strong><\/strong><\/h3>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">The law of&nbsp;<strong>6 August 2015<\/strong>, introduced by Emmanuel Macron when he was Minister of the Economy, allowed private operators to provide long-distance intercity coach services in France.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">The reform was heavily criticised at the time amid concerns that lower-cost coach services could draw passengers away from rail.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">Ten years later, the figures tell a different story.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">More than&nbsp;<strong>six million passengers travelled by long-distance coach in 2024<\/strong>, a record, while France\u2019s national rail operator SNCF has also continued to record very high passenger numbers.<\/p>\n<\/div>\n\n<div class=\"container\">\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"iframe-wrapper\"><iframe title=\"Vid\u00e9o Youtube - Mobility Minute #6 | The 10th anniversary of a huge success, the Macron Buses\" src=\"https:\/\/www.youtube.com\/embed\/V4Iv2LPRoFM?feature=oembed\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n<\/div>\n\n<div class=\"container\">\n<h3 class=\"wp-block-heading\"><strong>What you need to know<\/strong><\/h3>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">\u2013 the market was liberalised under the law of&nbsp;<strong>6 August 2015<\/strong>;<br>\u2013 around&nbsp;<strong>100,000 passengers<\/strong>&nbsp;used these services before the reform;<br>\u2013 more than&nbsp;<strong>six million passengers<\/strong>&nbsp;travelled by coach in 2024, a record;<br>\u2013 around&nbsp;<strong>seven million passengers<\/strong>&nbsp;are expected in 2025;<br>\u2013 fears that coaches would cannibalise rail travel have not materialised, with SNCF also reaching record passenger levels;<br>\u2013 long-distance coaches provide a lower-cost way to travel.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">To understand why the expected competition with rail did not materialise and who these new coach passengers really are:<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">?\u00a0<strong><a href=\"https:\/\/observatoirecetelem.com\/en\/mobility-minute\/france-long-distance-coaches-macron-law-train\" target=\"_blank\" rel=\"noreferrer noopener\">Discover the full analysis on the Cetelem Observatory<\/a><\/strong><\/p>\n<\/div>\n\n<div class=\"container\">\n<h3 class=\"wp-block-heading\"><strong>Find out about the latest Auto 2025 study by l&#8217;Observatoire Cetelem<\/strong><\/h3>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">In 2011, l&#8217;Observatoire Cetelem de l&#8217;Automobile took an interest in the under-30s, then called the &#8220;Generation Y&#8221;.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">Nearly 15 years later, it looks at Generation Z, who succeeded them, in a new study that evaluates their relationship with the automobile in a context of market downturn, slowing inflation and debates on the transition to electric.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">Carried out in 14 countries, among 16,000 people, the study by l&#8217;Observatoire de l&#8217;Auto 2025 is rich in lessons.<\/p>\n<\/div>\n\n<div class=\"container\">\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n<div class=\"container\">\n\n    <div class=\"my-3 text-center\">\n\n        <a id=\"block_e9a85742cdd45f456d83f8315a9b3916\" href=\"https:\/\/observatoirecetelem.com\/en\/automobile-en\/observatoire-auto-2025\"   class=\"btn btn-border\">\n            Find out about the latest Auto 2025 study\n                    <\/a>\n\n    <\/div>\n\n<\/div>\n\n<div class=\"container\">\n<h2 class=\"wp-block-heading\"><strong><strong>Consumption Minute: who will actually pay US tariffs?<\/strong><\/strong><\/h2>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">When tariffs increase, three economic actors can potentially absorb the additional cost:<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\"><strong>the exporter, the importer and the final consumer.<\/strong><\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">Exporting companies may lower their selling prices. Importers may accept lower margins. But part of the increase can also be passed on through higher retail prices.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">Research published by the&nbsp;<strong>NBER<\/strong>&nbsp;on the 2018 tariff episode provides a quantified answer: around&nbsp;<strong>60% of the increase was ultimately borne by American consumers.<\/strong><\/p>\n<\/div>\n\n<div class=\"container\">\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"iframe-wrapper\"><iframe title=\"Vid\u00e9o Youtube - Consumption Minute #6 | Who will pay for the US tariffs?\" src=\"https:\/\/www.youtube.com\/embed\/ZLMt98PbTio?feature=oembed\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n<\/div>\n\n<div class=\"container\">\n<h2 class=\"wp-block-heading\"><strong>What you need to know<\/strong><\/h2>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">\u2013 three actors can absorb the impact:&nbsp;<strong>the exporter, the importer and the consumer<\/strong>;<br>\u2013 exporters can lower their selling prices, while importers can reduce their margins;<br>\u2013 according to NBER research, around&nbsp;<strong>60% of the 2018 tariff increase<\/strong>&nbsp;was ultimately paid by American consumers;<br>\u2013 the expected short-term impact is higher inflation in the United States;<br>\u2013 this could subsequently weigh on US household consumption.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">To understand how tariffs are passed through the supply chain and the knock-on effects they can have on the global economy:<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">?\u00a0<strong><a href=\"https:\/\/observatoirecetelem.com\/en\/mobility-minute\/tariffs-who-pays-final-cost-consumers\" target=\"_blank\" rel=\"noreferrer noopener\">Discover the full analysis on the Cetelem Observatory<\/a><\/strong><\/p>\n<\/div>\n\n<div class=\"container\">\n<h3 class=\"wp-block-heading\"><strong>Find out about l&#8217;Observatoire Cetelem new 2025 consumer study<\/strong><\/h3>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">In 2023, the Cetelem Consumer Observatory took an interest in the low-cost market and its extension. Today, we look at the evolution of consumption in France, which is very different from that of a few years ago. If you want to dig a little deeper into the subject, discover the complete European study by the Cetelem Observatory on consumption in 2025<\/p>\n<\/div>\n\n<div class=\"container\">\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n<div class=\"container\">\n\n    <div class=\"my-3 text-center\">\n\n        <a id=\"block_e407f21c2453657e6f2a6f79e1fedde2\" href=\"https:\/\/observatoirecetelem.com\/en\/consumption-in-europe-the-quest-for-enjoyment-holds-firm\"   class=\"btn btn-border\">\n            Find out about the latest Consumption study\n                    <\/a>\n\n    <\/div>\n\n<\/div>\n\n<div class=\"container\">\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n<div class=\"container\">\n<h2 class=\"wp-block-heading\"><strong>Two issues, one question of purchasing power<\/strong><\/h2>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">On one side is a reform that enabled millions of people in France to travel at a lower cost.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">On the other is a trade measure that can increase the prices paid by American households.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">In both cases, the underlying issue is the same:&nbsp;<strong>how public policy affects household purchasing power.<\/strong><\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">One reform widened access through greater competition.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\">The other creates a barrier that can make imported products more expensive.<\/p>\n<\/div>\n\n<div class=\"container\">\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>\n\n<div class=\"container\">\n<div class=\"wp-block-group has-background is-layout-constrained wp-container-core-group-is-layout-e3964afe wp-block-group-is-layout-constrained\" style=\"border-top-left-radius:28px;border-top-right-radius:28px;border-bottom-left-radius:28px;border-bottom-right-radius:28px;background-color:#dcdcdc;padding-top:var(--wp--preset--spacing--60);padding-right:var(--wp--preset--spacing--60);padding-bottom:var(--wp--preset--spacing--60);padding-left:var(--wp--preset--spacing--60)\">\n<h3 class=\"wp-block-heading\"><strong><strong><strong><strong><strong>FAQ &#8211; April 2025 Mobility &amp; Consumption Minute<\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>When were long-distance coach services liberalised in France?<br><\/strong>The market was liberalised under the law of 6 August 2015, introduced by Emmanuel Macron when he was Minister of the Economy.<\/li>\n\n\n\n<li><strong>How many passengers use long-distance coaches in France?<br><\/strong>More than six million passengers travelled by coach in 2024, a record, and around seven million are expected in 2025.<\/li>\n\n\n\n<li><strong>Have long-distance coaches taken passengers away from trains?<br><\/strong>The initial fears have not materialised. Long-distance coach use has increased strongly while SNCF has also recorded very high passenger numbers.<\/li>\n\n\n\n<li><strong>What is the difference between a bus and a coach?<br><\/strong>A bus is primarily designed for urban or local services and may allow passengers to stand. A coach is designed for longer-distance travel, with passengers seated throughout the journey.<\/li>\n\n\n\n<li><strong>Who actually pays tariffs?<br><\/strong>According to NBER research into the 2018 tariff episode, around 60% of the increase in tariffs was ultimately borne by American consumers.<\/li>\n\n\n\n<li><strong>What impact can tariffs have on the US economy?<\/strong><br>They can increase inflation in the short term by raising the price of imported goods, which can subsequently weigh on household consumption.<\/li>\n\n\n\n<li><strong>Where can the full analyses be found?<br><\/strong>Both analyses are available on the Cetelem Observatory website, respectively in its Automotive and Consumption sections.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n<div class=\"container\">\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"When were long-distance coach services liberalised in France?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The market was liberalised under the law of 6 August 2015, introduced by Emmanuel Macron when he was Minister of the Economy.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"How many passengers use long-distance coaches in France?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"More than six million passengers travelled by coach in 2024, a record, and around seven million are expected in 2025.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Have long-distance coaches taken passengers away from trains?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The initial fears have not materialised. 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Presented by Flavien Neuvy, economist and Director of the Cetelem Observatory, these two analyses provide a one-minute overview of the developments shaping the mobility and consumer markets. In April 2025, two issues stand out: Mobility Minute: France\u2019s \u201cMacron [&hellip;]<\/p>\n","protected":false},"author":1960,"featured_media":46589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[372,457],"tags":[],"class_list":["post-42573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobilite-en","category-consumption"],"acf":[],"_links":{"self":[{"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/posts\/42573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/users\/1960"}],"replies":[{"embeddable":true,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/comments?post=42573"}],"version-history":[{"count":3,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/posts\/42573\/revisions"}],"predecessor-version":[{"id":46730,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/posts\/42573\/revisions\/46730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/media\/46589"}],"wp:attachment":[{"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/media?parent=42573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/categories?post=42573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/personal-finance.bnpparibas\/en\/wp-json\/wp\/v2\/tags?post=42573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}