Consumer and business confidence – December 2024

In December 2024, the consumer confidence index eased from 96.6 to 96.3. A further deterioration was observed both in the economic and future climate indexes which passed from 97.8 to 96.1 and from 93.8 to 93.3, respectively. As for the other components, the personal one increased slightly from 96.2 to 96.4, while the current one remained virtually stable, passing from 98.7 to 98.6.

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) increased from 93.2 to 95.3.

The manufacturing confidence climate declined from 86.5 to 85.8. Among confidence-building variables, assessments on order books worsened, while expectations on future level of production bettered  (the related balances varied from -21.9 to -22.5 and from -1.4 to -0.8, respectively). With reference to inventories, the balance of the variable grew from 2.1 to 4.4.

The construction confidence climate declined for the second month in a row from 101.5 to 100.9. Firms gave more negative opinions about both assessments on order books and future employment (the related balances fell from -0.1 to -1.0 and from 3.3 to 3.1, respectively).

The market service climate improved from 93.9 to 99.6 benefiting from strong optimism of respondents. In particular, they upgraded their expectations on volume of order books (balance passed from 1.8 to 7.1) and improved their assessments both on order book volume and current business trend (the related balances surged from -0.8 to 6.6 and from -0.2 to 5.2, respectively).

The retail trade confidence climate remained practically unchanged moving from 106.8 to 106.9. Compared to the previous survey, the opinions on current business activity bettered, while expectations for future sales slightly worsened (the balance referring to the first variable increased from 21.4 to 22.8 and the one of the second variable decreased from 26.8 to 26.3). Lastly,  inventories were considered to have built up (the related balance got on from 6.2 to 6.9).