Fourteenths are coming. Between the second half of June and the first week of July, around 10 million Italians will receive the extra month’s salary, for a total of around 14 billion euros. A substantial liquidity injection that could generate 6.8 billion euros of household consumption. This is estimated by Confesercenti, on the basis of a survey conducted with IPSOS.
How the fourteenth month is spent
Overall, almost 6.8 billion of the fourteenth month will be allocated to consumption. A considerable boost, which will mainly affect tourism: among the most suitable uses ever for the additional month’s salary in fact there is the item holidays, chosen by 51% of the interviewees and for which we estimate 3.7 billion euros will be used. It follows, at 25%; the intention to invest it in shopping during the summer sales – for around 1.8 billion euro -, while a further 18% indicates that it will be used to purchase other products (1.3 billion).
A large part of the remaining resources, however – around 4.7 billion euros – will be used to settle outstanding accounts or pay obligatory expenses: 21% responded that they will use at least part of the fourteenth to pay debts, for a total of around 1 .5 billion euros; 15% to pay mortgages and loans (just over 1 billion euros), an expense item that increased in the last year due to the increase in interest rates. Another 15% of those interviewed, on the other hand, will invest part of the extra resources to pay for summer camps or study holidays for their children (approximately 1,106 million euros), while 14% will choose expenses related to healthcare or health (1,018.7 million of Euro).
You think about saving
Around 1.5 billion euros, according to Confesercenti estimates, will go to savings, heavily eroded by these months of high inflation: the desire to employ part or all of the fourteenth to increase their reserves it is indicated by only 21% of the interviewees, while 12% also indicate investment purposes, to which over 870 million euros will be reserved.
“The fourteenth month effect – comments Confesercenti – could give an important acceleration after a ‘cold’ spring for consumption, due to the race in prices and the increase in the weight of compulsory expenditure on family budgets. The need to safeguard purchasing power is therefore confirmed of the Italians: we propose to act through the tax lever, detaxing the salary increases envisaged by the renewals of national contracts. There are millions of workers in Italy waiting for their contracts to be renewed, and an intervention of this type would speed up bargaining and free up resources for families: according to our estimates, for 2023 alone it would lead to an additional consumption expenditure of 2.8 billions”.
– photo from Agenziaphotogramma.it –
(ITALPRESS).