| Actual | Previous | Revised | |
|---|---|---|---|
| Month over Month | 0.0% | 0.6% | 0.7% |
| Year over Year | 1.8% | 1.0% | 1.1% |
Highlights
Italian consumers tightened their wallets in July, with retail sales unchanged from the previous month when sales grew a revised 0.7 percent (0.6) on a value basis. Compared to a year ago, spending was up by 1.8 percent in August, the fastest pace since 3.8 percent in April.
Spending on food fell 0.4 percent in July, nominally, from the previous month while increasing 2.9 percent from a year ago. Non-food sales were up 0.3 percent on the month after 0.1 percent in July and gained 1.0 percent from year-ago levels following a 0.3 percent decline in June.
On a volume basis, sales fell 0.2 percent in July after a 0.6 percent increase in June, and were unchanged from their year ago levels after contracting 0.6 percent the month before. In both instances food sales declined, down 0.9 percent month-on-month and 0.8 percent year-on-year, while non-food rose 0.3 percent in July and 0.5 percent from a year ago.
All major retail sectors reported gains from their year ago levels, with large retailers reporting a 2.8 percent gain in sales, with those at smaller businesses up 0.6 percent. E-commerce was up 2.9 percent, with non-store sales gaining 0.9 percent.
Spending on food fell 0.4 percent in July, nominally, from the previous month while increasing 2.9 percent from a year ago. Non-food sales were up 0.3 percent on the month after 0.1 percent in July and gained 1.0 percent from year-ago levels following a 0.3 percent decline in June.
On a volume basis, sales fell 0.2 percent in July after a 0.6 percent increase in June, and were unchanged from their year ago levels after contracting 0.6 percent the month before. In both instances food sales declined, down 0.9 percent month-on-month and 0.8 percent year-on-year, while non-food rose 0.3 percent in July and 0.5 percent from a year ago.
All major retail sectors reported gains from their year ago levels, with large retailers reporting a 2.8 percent gain in sales, with those at smaller businesses up 0.6 percent. E-commerce was up 2.9 percent, with non-store sales gaining 0.9 percent.
Definition
Retail sales measure the total receipts at stores that sell durable and nondurable goods. The headline data are expressed in nominal terms but volume statistics are also available. Autos are excluded. Only a very limited breakdown of subsector performance is available in the first report but much greater detail is provided in the following month's release. The Italian National Institute of Statistics (Istat) is the main producer of official statistics in Italy.
Description
With consumer spending a large part of the economy, market players continually monitor spending patterns. Retail sales are a measure of consumer well-being. The pattern in consumer spending is often the foremost influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth.
