Consumer and business confidence - September 2025

In September 2025, the consumer confidence index increased, rising from 96.2 to 96.8. As for its components, the economic climate improved from 97.0 to 98.8, the current one from 99.2 to 99.9 and the future one from 92.2 to 92.6. Only the personal climate remained essentially stable, moving from 95.9 to 96.0. 

With regard to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) showed a marginal increase (from 93.6 to 93.7).

The manufacturing confidence climate held steady at 87.3. Compared to the previous survey, firms improved their assessments on the order book level but indicated a less favourable evolution of future volume of production (specifically, the related balances changed from -20.5 to -19.7 and from 0.4 to -0.4, respectively). Additionally, the inventories were considered stable, with the balance remaining unchanged at 2.7.

The construction confidence climate rose slightly from 101.3 to 101.5. Assessments on order books improved, while expectations on employment showed less encouraging signals (the balance of the former variable recovered from -4.6 to -3.8, whereas the one of the latter declined from 7.5 to 7).

The market service confidence climate continued to grow marginally, rising from 95.1 to 95.6. Respondents were more optimistic about the future level of order books while assessments on both current business trend and current order book level worsened (the corresponding balances varied from 1.4 to 6.0, from 2.0 to 0.3 and from 1.1 to -0.2).

The retail trade confidence climate worsened further, declining from 102.7 to 101.6. The balance related to the current business trend sank, while assessments on inventories and expectations on future sale volume increased (the related balances changed from 15.7 to 7.9, from 8.8 to 9.6 and, finally, from 22.0 to 27.1, respectively).