Italy Consumer & Retail Q1 2019
Small improvements in the labour market are perhaps the only positive story in our Italian consumer outlook.Unemployment is gradually trending lower and wage growth has outpaced inflation by a minimal 0.1pps over the past year. Thereare also potentially some short-term benefits from the so-called 'People's Budget' from the incoming government that may boostspending power among the poorest consumers. Aside from this, the outlook is generally bleak, with spending growth rates aroundor below 1% and 2019 representing a peak of just 1.2%. Weak economic growth, sluggish retail sales and expectations thatconsumer confidence will head lower over the year cast the consumer outlook in a more negative light.
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