Consumer and business confidence - November 2025

In November 2025, the consumer confidence index decreased from 97.6 to 95.0. New negative hints affected all its components: the future climate sunk from 94.1 to 90.2, the personal one worsened from 97.0 to 94.5, the economic one from 99.3 to 96.5, and, finally, the current one from 100.2 to 98.6.  

With regard to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator)
rose from 94.4 to 96.1.

The manufacturing confidence climate improved from 88.4 to 89.6. Compared to the previous survey, assessments on order books recovered, expectations on production bettered and the level of inventories was judged to be decreasing (the related balances changed from -19.2 to -17.7, from 2.2 to 3.5 and from 2.3 to 1.4, respectively).

The construction confidence climate worsened from 103.3 to 102.6. More specifically, assessments on order books/construction got worse (the related balance reduced from -2.4 to -4.4), while expectations on employment gave more favourable indications (the balance of the variable improved from 9.0 to 9.8).

The market service confidence climate bettered from 95.1 to 97.7. Expectations for future order book level sent negative signals, while assessments both on business trend and current order book level were more optimistic (the corresponding balances varied from 7.1 to 6.8, from -1.1 to 2.2 and from -1.5 to 3.8).

The retail trade confidence climate rose from 105.2 to 107.3. Assessments on the current business trend improved significantly, while expectations on the future volume of sales worsened. Finally, inventory level was judged to be on the rise again (the related balances changed from 15.1 to 25.7, from 28.6 to 27.0 and, finally, from 6.9 to 9.1, respectively).