Austerity-hit Italians avoid shops, sales drop


By Catherine Hornby – Italian retail sales fell for the fourth month running in July, data showed on Wednesday (Sep 26), highlighting how austerity measures and unemployment are discouraging shoppers and deepening a year-long recession.

With Italians buckling under the impact of a severe recession, tax hikes, falling disposable incomes and rising unemployment, the prospects for a rebound in consumer spending are looking increasingly bleak.

“The drop is generalized across all sectors,” said Paolo Mameli from Intesa Sanpaolo. “Before supermarkets and discount shops were holding up, but now they are also registering falls.” more> http://tinyurl.com/bol5dk7

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