Consumption is falling due to an increasingly cautious attitude amongst households: according to the Confimprese-Jakala Monthly Observatory, September closed at -0.3 per cent in value terms compared with September 2025, but the overall market figure, which is essentially stable, suggests that consumers have not stopped spending, but are planning their purchases more carefullyand choosing where and when to make them with greater attention. Price has once again become the decisive factor, the linchpin around which all household choices revolve.
Mario Resca, president of Confimprese, said: “The data from our Observatory paint a picture of a consumer who has only half-opened their wallet. They are not holding back; they are biding their time. September shows how the economic climate and uncertainty can shift entire spending flows from one sector to another in just a few weeks. Demand is there, but it has become more selective, less predictable and far more sensitive to the context than in the past.”
By product sector, clothing and accessories – which had held up reasonably well in recent months – fell 7.1 per cent, partly because of the weather, with high temperatures throughout September. The catering sector, down 2 per cent, signals underlying caution: greater attention to budgets is leading consumers to keep their average receipt amount down and favour more affordable options. Other retail sectors (personal care, opticians, electronics, mobile phones, home and furnishings, services and entertainment), up 6.9 per cent, show a positive trend, demonstrating that the propensity to spend still exists and is directed towards categories perceived as more useful, functional or essential.
In terms of sales channels, shopping centres recorded a 2 per cent increase, confirming that consumers are seeking environments offering value for money, the chance to compare prices and special offers. Both local shops, down 1.5 per cent, and high-street shops, down 1 per cent, were in negative territory. All geographical areas also recorded negative figures, a finding that shows this situation is widespread throughout Italy, despite some differences: the worst-performing region is the North-West, which recorded a fall of 3.3 per cent compared with September 2025, followed by the Centre at -2.6 per cent and the North-East at -2 per cent. Only the South remained stable, at +0.1 per cent compared with September last year.