In September 2025, retail trade declined after slight signs of stability in the summer. According to the latest Istat data, sales fell 0,5% in both value and volume compared to August, with widespread declines in food (-0,4% in value and -0,5% in volume) and non-food products (-0,5% and -0,6%, respectively).
Overall, the third quarter remains weak: sales increased slightly in value (+0,1%) but declined in volume (-0,4%), a sign that inflation continues to compress households' purchasing power. The trend is similar for food products (+0,1% in value, -0,9% in volume) and non-food products (+0,1% and -0,1%). On an annual basis, September saw nominal growth of 0,5%, but volumes sold declined by 1,4%. Food products held steady in value (+1,5%) but declined in volume (-1,8%), while non-food products showed a more marked decline (-0,4% in value and -1,1% in volume).
Within the latter, contrasting trends emerge: perfumery and personal care products are growing (+4,0%), while footwear (-5,7%) and clothing (-5,2%) are declining sharply, confirming the weakness of discretionary consumption. By distribution channel, sales are increasing in large-scale retail (+0,4%), e-commerce (+7,3%), and out-of-store sales (+1,9%), while small-scale retail stores are declining (-0,4%). The overall picture therefore highlights a stagnant retail market, where the stability of nominal values masks a contraction in real volumes. The slowdown in purchasing power and consumer caution continue to weigh heavily, with e-commerce remaining the only driver of structural growth.
