In Italy, lat consumer expense for consumer goods and technological and durable goods (T&D) increased by 5.2% compared to 2022, recording a total turnover of 187 billion euros. The increase was driven in particular by the growth in the price of food and personal care products, while Italians remained more cautious in spending on some T&D products. It is the photograph taken by new NIQ Consumption Barometer – The NIQ Retail Spend Barometer -which combines NIQ and GfK data to measure the turnover of consumer products, technological and durable goods purchased in stores in Italy.
In the 2023, in the consumer goods sector, unprecedented growth in turnover was recorded which exceeded 134 billion euros. This notable increase of 7.9% compared to the previous year was mainly fueled by double-digit price increases.
Despite inflation has eroded consumers’ purchasing power, basic goods have maintained a stable level of volume sales, with a modest decline of -1.7% (in the scope of packaged products). According to the NIQ Consumption Barometer, the categories that showed the best sales performances were the food sector, with an increase of 8.9% and a turnover of 82 billion euros in 2023, and fresh , with an increase of 8.2%. Home and personal care products also saw solid growth, up 7.0%.
Analyzing quarterly data, it emerges that the effect of inflation, with an average value of 11.3% in 2023, was more pronounced in the first six months of the year. This helped push sales, which grew 9.2% in the first quarter and 9.8% in April, May and June, respectively. Inflation subsequently stabilized, with more moderate sales growth of 7.8% in the third quarter. In the months of October, November and December, the effect of inflation attenuated further, reaching the lowest point of value growth of 5.1%.
“During 2023 we not only recorded record levels for consumer goods turnover but also important changes in the purchasing behavior of Italians. Galloping inflation has forced many families to continuously review the products purchased, reducing waste and cutting products that are too expensive and no longer considered necessary. On the other hand, the shopping cart analysis confirms a greater propensity of families to purchase products related to well-being and health“, underlines Romulus of Camillis, Retail Director NIQ Italy. (Teleborsa)