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2026-01-09 17:08:19
[Italian Consumption Shows Resilience, Retail Sales Rise for Two Consecutive Months, But Inflation Erodes Real Growth] ⑴ Data from the Italian National Institute of Statistics shows that seasonally adjusted retail sales rose 0.5% month-on-month in November, the same as in October, continuing the growth trend. ⑵ Unadjusted retail sales rose 1.3% year-on-year in November, the same as in October, indicating that consumption maintained stable expansion in nominal terms. ⑶ It should be noted that this data does not adjust for price factors, while Italian consumer prices rose 1.1% year-on-year in November, meaning that real sales growth may be limited. ⑷ Looking at the sub-categories, non-food sales rose 0.7% month-on-month, slightly outperforming the 0.5% increase in food sales, showing that demand for non-essential consumer goods has a certain degree of resilience. ⑸ Despite price pressures, two consecutive months of month-on-month growth indicates that domestic consumption activity in Italy still has fundamental momentum, providing some support to the economy. ⑹ In the future, attention should be paid to changes in real disposable income and whether inflationary trends will further squeeze consumption capacity, thereby affecting the sustainability of retail sales.
