Elders in Italy show concerns over global welfare, while young adults are struggling with job security

SINGAPORE, 10th April - TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of Italian consumer behaviour, as presented in the TGM Consumer Sentiment Survey in Italy 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of over 1,014 respondents aged 18-75 residing in Italy.

“As we analyse the findings of our latest survey, it becomes apparent that Italians in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in Italy 2024:

The latest survey exploring the primary concerns among Italians reveals three key focal points: rising prices, wars in the world, and job security/ unemployment.

Despite sharing the same primary concern over rising prices, each age group harbor distinct concerns of their own. In Italy, older adults aged 60-75 are mostly troubled by global conflicts, with a significant 45% expressing this worry, while younger adults aged 18-29 are primarily focused on job security, standing at 24%. The issues of war and unemployment resonate across all age groups and genders, underlining the pervasive anxieties stemming from recent economic uncertainties. As such, these concerns are unlikely to diminish until there is significant progress in addressing underlying economic instabilities and global conflicts.

Amidst the mounting unease surrounding rising prices, 81% of Italians express genuine concern about the escalating costs of everyday items, with a staggering 73% anticipating a further increase in prices over the next three months. This surge in anxiety has spurred action, with 46% of respondents altering their lifestyles to cope with soaring prices. Furthermore, 56% intend to cut back on future purchases of products/services as a strategic move to cushion the blow of rising costs on their financial stability.

Interestingly, the burden of escalating costs weighs most heavily on the older age groups, with individuals aged 60-75 feeling the economic strain acutely at 88%. In contrast, while not impervious to the issue, young adults aged 18-24 seem to regard it with less urgency at 76%.

A significant majority, comprising 68% of respondents, indicated their intention to maintain the current housing budget, covering rent and mortgage expenses, showcasing the priorities of Italian individuals over the next three months.

While most Italians plan to keep their budgets steady, shifts are expected in certain categories. Notably, 35% of respondents foresee increased spending on energy and utilities, with 5% of that group planning to allocate significantly higher funds to this category.

In terms of savings, 38% of respondents express an intention to allocate less, with 10% planning to allocate significantly less in the next three months.

As the cost of living continues to climb, many Italian households are opting for homemade meals, with 28% intending to boost spending on groceries. Over the next three months, expenditures in the food and beverage sector are set to decrease across the board, encompassing food takeout and delivery (55%), quick-service restaurant (53%), restaurant (55%), and notably alcohol at 59%.

Furthermore, Italians are planning to tighten their belts across nearly all other non-food and beverage categories. There is a significant downturn expected in personal use items such as care products (31%), skin care and makeup (43%), clothing (47%), footwear (48%), and notably, jewellery and accessories (61%). Household related expenses such as household supplies (36%), vehicles (44%), and gasoline (27%) are also expected to see reductions. Leisure activities are not exempt from the budget cuts either, with Italians planning to allocate less to sports and outdoor activities (41%) and traveling (45%).

This trend underscores where Italians are choosing to allocate their finances during times of economic hardship. The prevailing mentality seems to be “cut wherever possible” to focus on essential and less adaptable categories.