Business association Confesercenti said in a report on Saturday that it forecasts consumer spending in Italy will drop by 3.7 billion euros in the second half of 2023 with respect to the first six months of the year.
The report, prepared for Confesercenti by the Centro Europa research institute, said consumer spending was declining because purchasing power and savings were being eroded amid the cost-of-living crisis.
It said that, as result, consumer spending for 2023 would be up by only 0.8% on 2022, after registering a 4.6% rise last year.
Source: Ansa News Agency (ANA)