The sharp slowdown in household consumption, the signs of which are already visible, will not only affect trade businesses but the entire economy, significantly reducing growth in 2023. For this reason, after the maneuver, it will be necessary to focus on measures to support and relaunch domestic demand. So Confesercenti, in a note, comments on Istat’s Outlook for the Italian economy in 2022-2023.
The statistics institute’s estimates outline a scenario full of unknowns, and confirm our alarm about the slowdown in consumer spending. Indeed, inflation is still very high, reducing the purchasing power of families, who are preparing to face the Christmas and New Year period with a budget conditioned by fixed prices and expenses. A slowdown that is already underway and which makes the upcoming winter holidays a real test bench for the stability of consumption and the economy.
The few resources available and the tight deadlines have reduced the purpose of the manoeuvre, which is understandably focused on the fight against high energy costs. However, the recovery of consumption and household income must be placed at the center of government action. For this reason, having filed the budget law, we hope that the executive will concentrate on measures – starting with the tax lever – aimed at the recovery of domestic demand, crushed by high prices and high energy prices. Supporting household spending, at this stage, is essential to avoid a dangerous economic downturn in the country.