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3m/3m Retail Sales Volume Negative For 18th Consecutive Month

ITALY DATA
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Italian seasonally adjusted January retail sales volumes fell for the second consecutive month, albeit to a lesser extent than in December. Survey evidence indicates the current subdued outlook is set to continue, which may suggest downside risks to analysts' expectations for a 0.8% Q/Q rise in Q1 Italian household consumption.

  • Overall retail sales volumes were -0.3% M/M (vs -0.5% prior), led once again by food product sales (-0.4% M/M vs -0.9% prior). Nevertheless, non-food sales were also negative at -0.2% M/M (vs -0.3% prior).
  • The less volatile 3m/3m measure remained negative for the 18th consecutive month, at -0.1% 3m/3m (vs -0.2% prior).
  • The January data comes against the backdrop of the EC's February business confidence survey, where Italian retail confidence saw a surprising 6.1pt drop to 7.6 (vs 13.7 prior). The 2023 average was 13.6.

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Italian seasonally adjusted January retail sales volumes fell for the second consecutive month, albeit to a lesser extent than in December. Survey evidence indicates the current subdued outlook is set to continue, which may suggest downside risks to analysts' expectations for a 0.8% Q/Q rise in Q1 Italian household consumption.

  • Overall retail sales volumes were -0.3% M/M (vs -0.5% prior), led once again by food product sales (-0.4% M/M vs -0.9% prior). Nevertheless, non-food sales were also negative at -0.2% M/M (vs -0.3% prior).
  • The less volatile 3m/3m measure remained negative for the 18th consecutive month, at -0.1% 3m/3m (vs -0.2% prior).
  • The January data comes against the backdrop of the EC's February business confidence survey, where Italian retail confidence saw a surprising 6.1pt drop to 7.6 (vs 13.7 prior). The 2023 average was 13.6.