Quarterly change in consumption volume in Italy 2022-2024, by sector

Consumption volume in Italy remained stable in the second quarter of 2024 compared to Q2 2023, increasing only by 0.6 percent. 2022 recorded the largest growth in consumers' consumption, by virtue of the relaxation of COVID-19 containment measures and the subsequent economic recovery. For instance, leisure activities registered a consumption increase by 7,200 percent compared to Q1 2021.

The pandemic and the impact on tourism

Some of the industries which were enormously affected by the pandemic were tourism, fashion, and transportation, some of Italy's largest economic sectors. Accommodation, leisure services, and air transportation registered considerable losses, particularly in April and May 2020. The incomes generated by international, as well as national tourists, dropped consistently. The country registered a decrease of over 40 million international tourist arrivals in 2020, with a full recovery only achieved in 2024. 

The problem of inflation

Besides consumption recovery, 2022 also recorded the highest inflation rate since the 1990s, at least. Mostly affected were goods like food, transportation, electricity, and gas, following a global increase in energy prices. To cope with more expensive essential products, almost 60 percent of Italians had to cut shopping, and 50 percent cut electricity consumption. Avoiding buying unnecessary products was also a popular strategy Italians adopted to deal with the extreme inflationary episode.