Italy’s Retail Group Doesn’t Expect the Country to Reopen Until October

Italy’s Prime Minister has been clear that the country’s priority will be to save lives, while doing everything in the government’s power to protect the economy.

Conte told the Senate Thursday that the government would issue a new decree in April, amounting to €25 billion in support. He later shared on Facebook that the government was working to “strongly and swiftly support workers, self-employed and professionals who every day make Italy great”.

On the same day, Italy’s retail group Confcommercio, announced that they expected to see consumer spending fall by 52 million euros because of the health crisis. The only sector expected to see minimal growth is food, with spending projected to be up 4.2%. At the same time, annual spending on hotels and restaurants will be down over 20% this year.

stacks of coins

Confcommercio predicts the impact of the closures to last for several more months, stating that the “most realistic hypothesis for the country to reopen is in October”.

Photo by Ibrahim Rifath on Unsplash

Close Menu