According to estimations published in October 2021, the consumption volume in Italy decreased significantly from March 2020 to February 2021 compared to the same month of the previous year. From June 2021, most sectors experienced an increase relative to the previous year. However, an increase was recorded during the summer of 2020 across many sectors. As a consequence of the rising number of Coronavirus cases, on March 9, 2020, the Italian government announced that the country was in lockdown to prevent the spread of the coronavirus. Many non-essential activities had to shut down or reduce their operations.
The Italian giants
Some of the industries which were enormously affected by the pandemic were tourism, fashion, and transportation, some of Italy's largest sectors. The sectors of accommodation, leisure services, and air transportation registered extremely large losses, particularly in April and May 2020. The incomes generated by international as well as national tourists dropped consistently. A recent study showed that the country registered a decrease of over 40 million international tourist arrivals in the last year and that the consequences for tourism will continute for the next couple of years.
What does it all mean for consumers?
A means to understand the impact of this emergency on households’ economies is to have a look at inflation. Consumer price inflation is expected to have fallen slightly below zero during 2020. This means that consumer prices could decrease due to generally lower demand in comparison to the supply of goods and services. Nevertheless, even if prices decrease, the purchasing power is not necessarily going to rise due to other factors to taken into account such as the unemployment, the drop in salaries, and the fact that people will probably spend less in a uncertain situations.
Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector
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Confcommercio-Imprese per l'Italia. (October 15, 2021). Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector [Graph]. In Statista. Retrieved October 06, 2024, from https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/
Confcommercio-Imprese per l'Italia. "Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector." Chart. October 15, 2021. Statista. Accessed October 06, 2024. https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/
Confcommercio-Imprese per l'Italia. (2021). Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector. Statista. Statista Inc.. Accessed: October 06, 2024. https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/
Confcommercio-Imprese per l'Italia. "Percentage Change in Consumption Volume in Italy from March 2020 to September 2021, by Sector." Statista, Statista Inc., 15 Oct 2021, https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/
Confcommercio-Imprese per l'Italia, Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector Statista, https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/ (last visited October 06, 2024)
Percentage change in consumption volume in Italy from March 2020 to September 2021, by sector [Graph], Confcommercio-Imprese per l'Italia, October 15, 2021. [Online]. Available: https://www.statista.com/statistics/1107200/change-in-consumption-value-due-to-coronavirus-in-italy/