(Finance) – The budget of Italians for Christmas shopping is decreasing compared to last year for 34% of those interviewed, in particular for Millennials and Generation X. Only 18% of consumers plan to increase their Christmas shopping budget. The expected average expenditure is approximately 200 euros, which reaches 419 euros – almost 3 times higher – in the case of the wealthiest income groups. This is one of the findings that emerges from the new edition of the Italy Holiday Shopping Outlook by Bain & Company Italia, created in collaboration with Toluna by analyzing the consumption habits of over 1000 consumers, and which offers a permanent observatory on purchasing trends during the main holidays of the year.
Despite the macroeconomic uncertainty and the contraction in spending on the Christmas shopping, Italians don’t seem to want to give up their holidays at this time of year: almost 1 in 2 Italians plan to leave for the Christmas and New Year period, particularly among Gen Z and Millennials, with an expected holiday expense of around 550 euros, largely intended for restaurants and living rooms.
“Italians show that they particularly appreciate local tourism: in fact, Italy remains the favorite destination for 77% of Italians, an increase compared to last year. For those who go abroad, Europe and South America are on the podium” explains Andrea Petronio, Senior Partner and Head of Bain & Company’s Retail practice in Italy.
The mountains appear to be the favorite destination for 44% of our compatriots, followed by cities of art (37%) and the sea (22%). As for accommodation, 41% of Italians will opt for hotel stays, followed by rented houses or B&Bs (37%), houses owned by friends or relatives (22%) and farmhouses (17%).
“The increase in expenses for the Christmas holidays is particularly evident for those interviewed with a medium-high income”, concludes Petronio. “Boomers expect the highest spending. For around 50% of Italian consumers, restaurants are the most significant expense expected during the Christmas holidays”.