Italy: Consumer confidence falls in June
Consumer confidence came in at 98.3 in June, down from May’s 102.7.
The rise was due to an across-the-board decrease in the index. Consumers were less optimistic about their finances and the economy in the present and going forward.
ING’s Paolo Pizzoli said:
“The first takeaway from the June release is that households are increasingly feeling the brunt of the inflation wave. Consumer confidence fell to 98.3, the lowest level since November 2020. Respondents are concerned about a deterioration in the economic situation of their household and signal more willingness to save, the consequence being a sharp decline in purchasing intentions of durable goods. However, the improvement in retailer confidence seems to suggest that there is an ongoing re-composition in consumption patterns in favor of non-durable goods.”