Italy: Consumer confidence records worst reading since May 2020 in July
Consumer confidence fell to 94.8 in July from June’s 98.3. July’s result marked the weakest sentiment since May 2020.
The headline print reflected a deterioration in consumers’ views of future conditions and more pessimism regarding their personal conditions.
ING’s Paolo Pizzoli said:
“Consumers are getting gloomier about the Italian economic outlook and about their household’s financial conditions, and see a smaller likelihood of saving in the future. Also, unemployment is an increasing concern. The impact of rising inflation on real disposable income is clearly biting and will likely show up in weak consumption data over the third quarter.”