Italy’s trade association for businesses, Confesercenti, has estimated a €1,879 average fall in consumer spending in the first six months of 2020. Even with the reopening of activities since May, the year is likely to be extremely tough for businesses.
The drop in consumption is largely due to the two months of forced lockdown, but also due to people’s caution once activities started relaunching.
Prior to the relaunch, Italians saved an average of €8 for every €100, a figure which recently rose to €11. Italians saved bank deposits worth €32 billion more than last year, a 20% increase from 2019.
Confesercenti also warned that up to 8% of the activities in the tourism sector will not be able to reopen, and 61.5% of them will have to overcome money issues. The trade sector has also been heavily impacted, as 51.3% of SMEs saw half their revenues slashed. (Alessandro Follis | EURACTIV.it)