Italian Christmas spending plummets 42.7% in six years
Codacons says purchases sink from 18 billion to 10.3 billion23 December, 17:28
The heels of the 2008-2009 crisis in Italy were clipped by another in 2011, which is just beginning to show tentative signs of easing. Christmas spending this year is forecast at 10.3 billion euros, Codacons said. ''The Christmas holidays represent the main purchasing opportunity for families, generating large volumes of business in all sectors - food, travel, homes, cosmetics, culture, etc.,'' explained Codacons President Carlo Rienzi. ''There has been a vertiginous collapse in Christmas consumption in Italy due to the economic crisis and citizens' progressive loss of purchasing power,'' Rienzi concluded.