Business leaders are increasingly concerned about the international context, according to the latest Fiducial-Ifop barometer. They fear cost increases and a decrease in demand.
The international context is particularly worrying for very small businesses (TPE, less than 20 employees) in France, with 82% of these bosses expressing concern, according to the Fiducial-Ifop barometer published on Tuesday. This concern is even more pronounced among exporting companies or larger companies. Thus, 91% of bosses of exporting TPEs express concern, according to the findings of this 83rd wave of the barometer. Only 40% are optimistic about their business, compared to 46% the previous quarter. At the same time, optimism about the general situation in France has slightly increased, with 17% saying they are optimistic compared to 15% at the end of 2025.
Among the most concerning international issues for their business, 60% are worried about the war in the Middle East and its effects on international trade and the transit of oil tankers. They also mention the war in Ukraine (31%) and the overall aggressive foreign policy of the United States (25%). TPE bosses are 82% anticipating negative effects on their ecosystem in the next six months, whether in their sector, their activity, or their suppliers. Rising costs are the main threat: 46% fear an increase in energy prices and 43% fear an increase in the cost of their purchases.
Bosses hope for a decrease in charges
One third (35%) of leaders fear a decrease in demand for their company and 33% fear a decrease in their turnover. Faced with these risks, 90% of TPEs intend to take defensive measures. Expense reduction is the top priority (70%), followed by investment postponement (56%) and the impact of cost increases on selling prices (55%).
In this context, expectations focus on a reduction in social security contributions: 49% of leaders call for reductions in charges on salaries and employer contributions, far ahead of a potential tariff shield on energy (33%). Since last week, all representative employer organizations (Medef, CPME, U2P) and other leader associations (AFEP for very large companies, METI for intermediate-sized companies) have called on the government not to touch the social security contribution reductions on low salaries benefiting businesses.
This Fiducial barometer, conducted with 1,001 leaders by telephone from April 3 to 17, also shows that small bosses have low confidence but a slight increase in economic measures taken under Emmanuel Macron (16% compared to 13% at the end of 2025).
