1. Growth in real household spending in Italy will decelerate in 2022 from a high 2021 base as economic growth slows and consumers feel the effects of rising inflation. The latter poses a key risk to our consumer spending forecasts, as it has the potential to negatively impact consumer purchasing power. 2. Despite retail sales growth having shown resilience to low consumer confidence in recent months, there is potential for sales growth to start declining. 3. There are also several other risks to our outlook for 2022, including the possibility of new Covid-19 variants, which could lead to the reimposition of Covid-related restrictions. The impact that the Ukraine-Russia crisis is having on global commodity markets is also a risk to global prices.
展开▼
