“More optimistic families, 33% see an improvement in the economic situation”

The optimism of Italian families is growing. The figure emerges from the sixth edition of the extraordinary survey conducted by the Bank of Italy, according to which the balance between expectations of improvement and worsening of the general economic situation and of the labor market in the following twelve months has become positive for the first time since start of surveys in spring 2020.

The share of households expecting an improvement in the general economic situation stands at 33.2%. For 33.8%, the labor market will also improve. The percentage of those who foreshadow a worsening of the general picture and of the labor market, on the other hand, falls by more than 10 percentage points, reaching 27 and 31 per cent respectively. These are, underlines via Nazionale, the lowest shares since the survey began.

Consumer behaviors of Italian families remain conditioned by the health emergency, but appear to be progressively improving. According to the report, compared to the April survey, the percentage of families who declare that they have reduced expenses for hotels, bars and restaurants in comparison with the pre-pandemic period it decreased by 15 percentage points, while remaining high (at 71 per cent; it had reached nearly 90 per cent in the most acute phases of the pandemic).

The reduction in the quota is about 30 points (to 55 percent) for households that easily reach the end of the month. The percentages of households who shopped less frequently in clothing stores and for personal care services also dropped significantly, to 63 and 57 percent, respectively.

Among the reasons that have held back spending, Bankitalia notes, the importance attributed to the fear of contagion has remained unchanged. On the other hand, that associated with containment measures has significantly decreased, in connection with the lifting of the restrictions starting from spring.

However, a certain caution remains in the three-month spending expectations, particularly among families with greater economic difficulties and among those who received a lower income in the month preceding the interview than before the pandemic. Two thirds of families indicated that, during the period in which the survey took place, the vaccination campaign was progressing better or in line with expectations.

At the time of the interviews, 64 percent of the nuclei said it would bring its spending on hotels, bars and restaurants back to at least pre-health emergency levels if three quarters of the Italian population had completed the vaccination cycle. This share exceeds 80 per cent for families who declare that they can easily reach the end of the month, but it is below 60 per cent for those with financial difficulties.

The expectations on the income of Italian families remain substantially stable compared to last spring. The figure emerges from the sixth extraordinary survey conducted by the Bank of Italy, according to which three out of four groups expect revenues similar to those of 2020 in the current year; 15 percent believe they will be lower.

The assessments, underlines via Nazionale, have progressively improved during the year for households with self-employed household heads, which had been most affected in the most acute phases of the pandemic: the balance between expectations of an increase and decrease in family income increased by 7 percentage points compared to April, for the first time since last autumn in line with the population average.

About a third of Italian families have managed to set aside some savings since the beginning of the pandemic. The figure emerges from the sixth extraordinary survey conducted by the Bank of Italy, according to which the share is higher for households whose head of the family is a graduate.

The percentage of families who believe they will be able to save in the next twelve months has remained substantially stable, at 44 per cent (mostly households that have already saved during the crisis). The savings expectations also affect families who declare that they are reaching the end of the month with some difficulty.

Slightly more than half of Italian families foresee an increase in infections in the three months following the survey, albeit to a lesser extent than in the autumn of 2020.

The figure emerges from the sixth extraordinary survey conducted by the Bank of Italy, according to which 20 percent believe that there will not be an increase. The most optimistic groups on the trend of the epidemiological situation also expressed more favorable expectations on the general economic situation and on the personal one.

By Editor

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