Consumer and business confidence - July 2025

In July 2025, the consumer confidence index rose from 96.1 to 97.2. All its components improved (the current, personal and future climate indices increased from 97.9 to 99.7, from 94.8 to 96.9 and from 93.7 to 93.9, respectively) except for the economic climate index that declined (from 99.6 to 98.2).

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) decreased from 93.9 to 93.6.

The manufacturing confidence climate improved, passing from 87.3 to 87.8. More specifically, assessments on order books and expectations on future production bettered (the related balances moved from -21.7 to -21.0 and from 1.1 to 1.4 respectively). Conversely, stock levels decreased, as the corresponding balance fell from 2.3 to 1.7.

The construction confidence climate diminished from 103.4 to 102.4. Compared to the June survey, labour market expectations deteriorated (the related balance fell from 9.3 to 6.9), while assessments on order books improved (the corresponding balance recovered from -2.2 to -1.9).

The market service confidence climate worsened from 95.5 to 93.7. The deterioration was due to all the variables composing the index: the balance of assessments on current business trend diminished from 5.0 to 1.1, while those related to both assessments and expectations on order books regressed from 1.0 to -0.2 and from -0.2 to -0.8, respectively.

The retail trade confidence climate progressed from 102.0 to 105.8. Expectations regarding business trend improved significantly, and positive indications also emerged from assessments on current sales (the balances changed from 15.0 to 24.5 and from 19.1 to 20.1, respectively). Finally, stock levels were judged to be further declining (the corresponding balance diminished from 7.4 to 5.8).