(Finance) – In the context of almost general stagnation in consumption they do except for durable goodswhich are growing more than other markets e they will close 2024 at +4.2%reaching the record value of 78.33 billion according to the estimates ofFindomestic’s annual consumption observatorycreated by the consumer credit company of the BNP Paribas Group in collaboration with Prometeia.
Performance is driven by the results of mobility sector, expanding by 7.6% despite the cooling of prices: turnover will reach 45.2 billion mainly thanks to the 9.6% increase in the value of used cars. The household goods sector, however, after the decline in 2023, will remain substantially unchanged (-0.1%), settling at 33.1 billion with the 6.5% increase in small household appliances and the consolidation of 1 .6% of large household appliances which act as a counterweight to the slight drops expected in furniture (-0.2%) and telephony (-0.6%) and the more significant losses in consumer electronics (-4.1%) And in information technology (-4.4%).
“To the good progression that durables have shown in the last two years, in a context of uncertainty and inflationary tensions, – he comments Marco Tarantola, CEO and general manager of Findomestic Banca – the action carried out by large-scale retail players who were able to intercept the needs of Italian families by accompanying them in the consultancy and purchasing phase also contributed. In this context, Findomestic has intensified its efforts to support its retailer partners by promoting effective and innovative solutions for mutual customers.
The manager of the Findomestic Observatory, Claudio Bardazzi, adds: “In five years, from 2019 to today, the durables market it is worth almost 10 billion euros more. Volumes have not yet returned to pre-Covid levels but more is being spent and this is largely due to inflation, and in a small part to the growing orientation of families to purchase higher quality goods. The growth of the last twelve months benefits from the push of state incentives, albeit with effects limited by the climate of economic uncertainty which affects Italian families, as highlighted by our monthly surveys: for For over 60% of them, inflation remains their primary concern today55% are unable to save anything at the end of the month and over 4 out of 10 families complain of a very or somewhat problematic economic situation. In this climate of uncertainty, consumers remain cautious and oriented towards postponing important purchases.”
The regions in which the most marked increases in spending on durables were recorded are Umbria (+6.6% for a total of 1.3 billion)Valle d’Aosta (+6.4% for 200 million) and Abruzzo (+6% for 1.6 billion), while the most limited growth was recorded in Liguria (+1.2% for 2.1 billion), Piedmont (+3.3% for 6.7 billion) and Campania (+3.4% for 4.8 billion). Looking at the data in absolute value, Lombardy is worth 20% of the overall durable goods market with a turnover of 15.7 billion (+3.8%), more than double that of Lazio, second with 7 .7 billion (+4.2%), and Veneto, third with 7.3 billion (+5.1%). There average expenditure per family calculated by the Findomestic Observatory, now in its thirty-first edition, is 2,955 euros, an increase of 3.8% compared to 2023. The highest value is recorded in Piedmont with 3,601 euros; in second and third place are the families of Valle d’Aosta and Lombardy with 3,558 and 3,536 euros respectively. At the bottom of the ranking, however, is Sardinia with 2,138 euros, preceded by Sicily with 2,142 euros and Calabria with 2,150 euros.
Household spending on new carsbased on estimates from the annual Findomestic Observatory, at the end of the year will rise to 18.1 billionaccelerating by a further 5.7% after the increase of close to 20% in 2023. A result that allows the market to reach almost (-1.1%) the 2019 level even if registrations, with the estimated growth of 4.1%, will remain at -16% from pre-Covid. “In summary – he underlines Bardazzi – in 2024 almost as much was spent as in 2019 but many fewer cars were purchased“. The used market ‘extends’ on that of the new one with a turnover of 24.3 billion, the result of a 7.9% increase in volumes, which return to pre-pandemic levels (-0.2 %), and 9.6% in value, which rises to +23.9% compared to 2019. The two-wheeler sector is still experiencing growth in value of 3.9%, reaching almost 2.8 billion and even reaching +55.7% compared to pre-Covid.
“The performance of used cars and motorbikes – underlines Bardazzi – reflects the growing need for mobility, oriented however by a clear propensity to save”. Overall, after the first 10 months of the year, registrations of cars with alternative fuels increased by 3 percentage points compared to 2023 in terms of representation on the total, going from 53.6% to 56.7%. Among these, electrified cars make up over 83% of registrations, keeping the share recorded in 2023 practically unchanged.”The incentives – adds Bardazzi – are therefore not proving to be sufficient to accelerate the spread of electrified cars in Italy”.
According to data from the Findomestic Observatory for the sector housefurniture turnover in 2024 remains essentially stable at 17 billion (-0.2%), confirming a trend of attenuation after the rebound in the 2021-22 two-year period. The tax incentives linked to restructuring are therefore not enough to ease consumer caution towards large purchases. In terms of distribution channels, online sales of furniture and home living show a positive evolution of 12%: e-commerce reaches 4.4 billion and represents 19% of the sector’s retail turnover. For large household appliances, the growth in sales volumes, despite the drop in prices, allows the market to record an increase of 1.6% with consolidation at high levels, above 4.1 billion; at product level, the best results concern dishwashers (+4.1%), hobs (+1.2%) and dryers (+1%). Small household appliances, after the decline in 2023, recover a growth trend (+6.5%) and are close to 2.1 billion euros. Significant contributions were made by fryers (+30.2%), food processors (+25.5%), mini-vacuum cleaners (+16.6%), coffee machines (+9%) and hair care products (+7.8%). %). The online segment shows performances substantially in line with the physical channel with a penetration of 36.6% of turnover. Consumer electronics, a market represented 84% by TVs, will close 2024 with a further decline in turnover: the 4.1% loss estimated by the Findomestic Observatory causes the market to slip to 1.65 billion . “After the strong deterioration of 2023 – observes Bardazzi – the negative dynamic is being attenuated. The rebound in sales in the video sector continues to weigh on the evolution of the sector, after the growth peaks supported by the transition to digital and TV bonuses /consequent decoders”. Among the products, amplifiers (+15.9%) and receivers (+17.5%) stand out for growth, signaling an increasing interest among families in the creation of home theater systems.
There telephony confirms itself as the main consumer technology sector, remaining at stable levels: in 2024, based on the projections of the Findomestic Observatory, the turnover remains above 6 billion with a slip of 0.6%. The evolution of the market is conditioned by the 1.4% contraction in the performance of smartphones, which represent approximately 84% of telephony turnover; the reduction in prices (-3.9%) is however supporting a progressive recovery in sales volumes. On average in 2024 the online channel will account for 21.7% of the value of the sector.
THE’information technology continues to record a marked decline after the boom of the 2020-21 two-year period: household spending retreats to 2.15 billion with a drop of 4.4%. “The heavy loss of 8.4% in PC sales, a segment which is worth 36% of the market, pushes the IT trajectory downwards – comments Bardazzi -. On the contrary, purchases of tablets are regaining share (+3 .6%) and monitors (+5.3%), while the growth of niche products such as visual cams (+4.6%) and above all voice assistants (+15.4%) continues”. Online confirms a significant role in the market, showing a consolidation on the levels achieved (over 30%).
“If the durable goods markets are growing – he comments Marco Tarantola, CEO of Findomestic Banca – unlike total consumption, it is also thanks to the support of consumer credit which, in a context of uncertainty and economic difficulties for Italians, offers support to families in realizing their purchasing projects. Without considering credit and debit card expenses in the following month, after the first 10 months of the year, Findomestic grew by 8% in terms of disbursements, more than the Assofin market average (+6.8%), confirming its leader with a share of 17.4%”.
“Our bank – continues Tarantola – between January and October Findomestic recorded significant growth especially in the personal loan category with disbursements increasing by 13.1%, an increase higher than that of the Assofin market (+11.5%) which allows us to rise to 19% market share in this segment”https://www.Finance.it/DettaglioNews/167_2024-12-13_TLB/.”Findomestic also confirms itself as a leader in the mobility sector with a market share that rises to 11% and in the other retail markets (furniture, technology and energy efficiency) with a share of almost 25%”https://www.Finance.it/DettaglioNews/167_2024- 12-13_TLB/.”We have been providing credit to millions of customers for 40 years – concludes the CEO – but today our offer has been enriched with new services and products which increasingly position our company as an all-round bank that aims to support families not only when finalizing a purchase but also in managing their savings and planning the family budget”.