Home » Consumption, purchase intentions drop and the perception of price increases is growing

Consumption, purchase intentions drop and the perception of price increases is growing

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At the end of September, 72% of Italians perceived an increase in prices compared to previous months and at the same time there was a 5.8% slowdown on purchase intentions after three months of consecutive growth. This is what the Findomestic Observatory of October revealed, created by the consumer credit company of the Bnp Paribas group in collaboration with Eumetra. If the levels of concern about the country’s economy and the health situation have remained substantially stable compared to the previous months, in September there was a greater pessimism on the level of one’s current income and on future income expectations. It is not the “right time to buy” (-4 percentage points compared to August) just as those who spend less than pre-covid increase by 5 percentage points.

Hot prices

That 72% who perceived rising prices in the last period rises to 83% if the comparison extends to when Covid was not yet there. According to the interviewees, prices have “risen” especially for energy bills (57%), daily shopping (56%), fuel and car management in general (45%). Even for bars and restaurants outside the home (35%) there is a clear feeling that costs have increased. The return to old habits is not yet consolidated: 60% say they go out less than before the pandemic. 67% participate less than before in cultural activities, 65% attend bars, restaurants and pizzerias less than before, 51% see fewer friends and relatives.

The energy price increases

Winter is upon us, the announced increases in electricity prices and the extension of the Superbonus to the whole of 2023 have helped to increase the purchase intentions of solar thermal systems by 19.6 percent. According to the findings of the Findomestic Observatory at the end of September, windows (+ 8%), stoves and boilers (+ 7.4%) and photovoltaic systems (+ 4.5%) also benefited. In this wake, the desire to renovate is growing (+ 4.9%) while the propensity to purchase furniture remains stable compared to last month but at high levels.

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Auto, unknown delivery times

Perception and prospects of temporary price increases, but also extended delivery times due to the “microchip crisis” are leading many Italians to postpone the replacement of their vehicle. For new cars, the propensity to buy fell by 17.6%, while the incentives on used cars limit the damage: -5%. The end of the summer is at the basis of -19.2% of purchase intentions for e-bikes and -1.9% for motorcycles and scooters.

Declining technology and appliances

The purchase intentions of all segments of the technology sector monitored by the Findomestic Observatory have declined in the last month. The perception of possible price increases combined with the approach of Black Friday, in addition to the fact that many have already equipped their homes to study and work during the lockdown, have dragged down especially tablets and e-books (-17.4%) and telephony ( -10.2%). PCs and accessories resist better: -5.1% propensity to buy. The forthcoming and gradual change in TV frequencies keeps the intentions to purchase new television sets capable of receiving the new digital signal positive (+ 0.3%). Small and large household appliances, finds the Findomestic Observatory, recorded a -13.8% and -12.9% respectively. purchase sports equipment and clothing (-14.6%) and DIY equipment (-16.8%).

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