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Italian Christmas spending plummets 42.7% in six years

Codacons says purchases sink from 18 billion to 10.3 billion

23 December, 17:28
Italian Christmas spending plummets 42.7% in six years (ANSA) - Rome, December 23 - Italian Christmas spending has slumped 42.7% or 7.7 billion euros over six years and two recessions, the consumer group Codacons said Monday. In 2007, prior to the outbreak of the global financial crisis, Italian holiday spending was roughly 18 billion euros.

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.