Cost of living, three out of ten Italians get help from their family

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In recent years, almost three out of ten Italians (29%) have received financial help from their family, the majority (23%) on a recurring basis, especially to pay bills and food expenses. This is what the monthly Findomestic Observatory (BNP Paribas group) found in February, according to which 10% of Italians have received one-off financial support from their family members in the form of a loan, donation of money or important goods. It is mainly parents (60%) who provide help and a smaller percentage (13%) brothers or sisters.

«The February analysis», comments Claudio Bardazzi, head of the Findomestic Observatory, «highlights an economic situation that continues to be “very” or “fairly” problematic for 40% of Italian families. Over half (52%) have failed to save any of their earned income in the last three months and inflation remains firmly the main concern of six out of ten Italians. In this context, according to our latest survey, family help, often intergenerational, is fundamental for three out of ten families.”

As for durable goods, it emerges that the eco-incentives for low-emission combustion engine cars ran out in a few weeks, slowing down intentions to purchase new cars (-11.5%), and dragging them down (-8.3 %) the average propensity to purchase of Italians for the next three months. The propensity to purchase used cars and motorcycles is also decreasing, by 16.5% and 18.2% respectively. Mobility, however, is not the only sector that is suffering: in the domestic environment, a double-digit decline for thermal insulation systems (-19.5%) and small household appliances (-11.4%). Large household appliances (-6.3%), furniture (-4.5%), fixtures (-2.4%) and condensing and biomass boilers (-0.9%) also fell.

On the contrary, heat pumps (+8.3%) and photovoltaic/solar thermal systems (+6.5%) are growing. Minus sign for the propensity to purchase in the technological sector: cameras (-4.7%), tablets (-4.9%), TVs (-6.5%), telephones (-10.2%) and PCs (- 13.5%). «Consumers», says Bardazzi, «are projected towards the summer: purchasing intentions for scooters (+28%) and e-bikes (6%) are growing, as are those for travel (+10.8%) which offset the negative trends of other segments of the “leisure” sector: -8.4% for sports equipment and -6.4% for do-it-yourself”.

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