Italians spent on average 48 euros less per person than in previous years during the Christmas period, marking the worst holiday season in 10 years, consumer group Codacons said. The shoe and clothing sector was hit the most, with sales dropping 30 percent from previous years, Codacons said in a statement published yesterday on its website. Retailers won’ t recover the decline during seasonal sales that start in January. The discount period "will be a flop" with sales dropping as much as 40 percent compared with 2010, Carlo Rienzi, the head of the consumer group, said in the statement. Prime Minister Mario Monti secured final passage last week for 30 billion euros ($40 billion) of austerity and growth measures as he seeks to cut the euro-region’ s second-biggest debt and prevent a breakup of the euro amid rising borrowing costs. The measures, including a tax on luxury goods , a levy on primary residences and higher gasoline prices, may further sap consumer spending and push the euro area’ s third-biggest economy deeper into a recession. The austerity plan will cost every Italian family 1,129 euros and has hurt Christmas spending, according to consumer group Federconsumatori. Italians spent 4.4 billion euros in the holiday season, 400 million euros less than Federconsumatori’ s initial estimate for the season, the group said. Italian consumer confidence fell in December to the lowest in 16 years and the economy shrank in the third quarter. The government forecasts a further contraction in the current three- month period, meaning Italy is in its fifth recession since 2001. Italy will remain in a recession until the second half of next year, employers’ lobby Confindustria said in a Dec. 15 report. The $2.3 trillion economy will contract 1.6 percent in 2012 after growing 0.5 percent this year, the lobby said.

Sezioni:
• Rassegna Stampa
• Rassegna Stampa Estera

Aree Tematiche:
• ECONOMIA & FINANZA