In the context of almost generalized stagnation in consumption, durable goods are an exception, growing more than other markets and closing 2024 at +4.2 percent, reaching a record value of 78.33 billion, according to estimates from Findomestic’s annual Consumption Observatory, carried out by the BNP Paribas Group’s consumer credit company in collaboration with Prometeia. The performance is driven by the results of the mobility segment, which is expanding by 7.6 percent despite cooling prices: sales will touch 45.2 billion mainly due to a 9.6 percent increase in value of used cars. The household goods sector, on the other hand, will remain largely unchanged (-0.1 percent) after the 2023 downturn, standing at 33.1 billion with the 6.5 percent rise in small household appliances and the 1.6 percent consolidation in large household appliances offsetting the slight declines expected in furniture (-0.2 percent) and telephony (-0.6 percent) and larger losses in consumer electronics (-4.1 percent) and information technology (-4.4 percent).
EXPANDING VOLUMES. “The good progression that durables have shown in the last two years, in a context of uncertainty and inflationary tensions,” comments Marco Tarantola, managing director and general manager of Findomestic Bank, “has also contributed to the action carried out by large-scale distribution players that have been able to intercept the needs of Italian families, accompanying them in the advisory and purchasing phase. In this context, Findomestic has intensified its efforts to support its Retail Partners by promoting effective and innovative solutions for ordinary customers. Findomestic Observatory head Claudio Bardazzi adds, “In five years, from 2019 to today, the durables market is worth almost 10 billion euros more. Volumes have not yet returned to pre-Covid levels, but more is being spent, and this is largely due to inflation, and to a small extent to the increasing orientation of households to buy higher quality goods. The growth of the last twelve months benefits from the boost of government incentives, although with limited effects from the climate of economic uncertainty that affects Italian households, as our monthly surveys highlight: for more than 60 percent of them inflation now remains the first concern, 55 percent are unable to save anything at the end of the month, and more than 4 out of 10 households complain of a very or fairly problematic economic situation. In this climate of uncertainty, consumers remain cautious and oriented toward postponing important purchases.”
HOUSING. According to data from the Findomestic Observatory for the home sector, furniture sales in 2024 will remain essentially stable at 17 billion (-0.2 percent), confirming a softening trend after the rebound in 2021-22. Tax incentives related to renovations are therefore not enough to ease consumers’ caution toward large-ticket purchases. On the distribution channel front, online sales of furniture and home living show a positive development of 12 percent: e-commerce touches 4.4 billion and comes to represent 19 percent of the sector’s retail sales. For large household appliances, the growth in sales volumes, in spite of falling prices, allows the market to register an increase of 1.6% with consolidation at high levels, above 4.1 billion; at the product level, the best results concern dishwashers (+4.1%), cooktops (+1.2%) and dryers (+1%). Small household appliances, after declining in 2023, regain a growth trend (+6.5%) and touch 2.1 billion. Relevant contributions come from deep fryers (+30.2%), food processors (+25.5%), mini vacuum cleaners (+16.6%), coffee machines (+9%) and hair care products (+7.8%). Online shows performance substantially in line with the physical channel with 36.6 percent penetration of sales. Consumer electronics, a market 84 percent represented by TVs, will close 2024 with a further decline in turnover: the 4.1 percent loss estimated by the Findomestic Observatory makes the market slip to 1.65 billion. “After the sharp deterioration in 2023,” Bardazzi observes, ”the negative dynamic is easing. The rebound in video sales continues to weigh on the evolution of the sector, after the growth peaks sustained by the digital switchover and the consequent TV/decoder bonuses.” Among products, amplifiers (+15.9 percent) and receivers (+17.5 percent) stand out in terms of growth, signaling increasing household interest in home theater systems.
