Consumer and business confidence - March 2025

In March 2025, the consumer confidence index regressed from 98.8 to 95.0. The confidence deterioration, common to all index components, was particularly strong for the economic and the future indices whose values worsened from 100.2 to 93.2 and from 96.6 to 91.1, respectively. The personal confidence index and the current one also diminished passing from 98.3 to 95.7, the first one and from 100.5 to 97.9 the second one.

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) declined from 94.7 to 93.3.

The manufacturing confidence climate weakened from 86.9 to 86.0. More specifically, assessments expressed by operators on order books were unfavourable, while expectations on future production slightly improved (the related balances varied from -20.8 to -23.3 the former and from -1.0 to -0.8 the latter). Lastly, inventories were considered to have increased (the balance of the variable went up from 2.5 to 3.0).

The construction confidence climate improved from 103.4 to 104.6. In detail, assessments on order book volume showed a new deterioration, from -0.4 to -2.0, while expectations on future employment rose from 7.5 to 11.5.

The market service confidence climate deteriorated again passing from 97.4 to 94.5. Negative expectations and assessments on order books continued to prevail (the balances of the variables diminished from 2.4 to -2.1 and from 4.7 to 2.7, respectively) and firms confirmed their unfavourable opinions on current business trend (the related balance decreased from 4.7 to 2.1). The retail trade confidence climate remained virtually stable edging down from 104.0 to 103.9. Particularly, compared to the previous month, respondents gave a less favourable assessment on current business activity (the relate balance sank from 21.1 to 14.8). Expectations on the future volume of sales improved, while the level of inventories increased (the balances of the variables, passed from 18.5 to 25.8 and from 6.6 to 7.8, respectively).