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Friday, August 14, 2020

No holidays for 6 Italians out of 10. And a third will end their savings by August

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THE SURVEY

The repercussions of the crisis: 58% will give up their holidays mainly due to economic problems. 30% fear short-term difficulties on mortgages, rent or condominium and 32% on medical expenses

by Antonio Noto *

Guide to the holiday voucher operation

The repercussions of the crisis: 58% will give up their holidays mainly due to economic problems. 30% fear short-term difficulties on mortgages, rent or condominium and 32% on medical expenses

3 ‘of reading

The economic and health crises continue diachronically. If the trend of the Covid indicators bodes well, the data referring to the perception of the economic crisis are completely different. It is still impossible to estimate what will happen in the future, but the current photograph of the Italian portfolio is truly pitiless. For 4 out of 10 income earners only, their economic situation has not changed, but 16% have already recorded lost revenues equal to more than half of the compensation compared to what they received before the lockdown and a further 20% complained about the decrease in their income in the order of 30%: in short, for about four out of 10 Italians the financial backlash is high.

Income loss, most affected women

It is women who have suffered the greatest loss of revenues during this period, probably because they had more precarious jobs than men and, therefore, were unable to benefit from social safety nets. However, it should be noted that the income support mechanism, although basic in terms of economic aid, already provides for an average salary decrease of around 20-30%.

The effects of lost revenue are immediately reflected not only on a decrease in consumption, but often also on the ability to cope with essential livelihood expenses. For example, with the continuation of the crisis, 30% of the sample of Italians interviewed by Noto Sondaggi for Il Sole 24 Ore fears that, in the short term, it will be difficult to pay for household expenses, from the loan installment to the rent or condominium. 32% are worried that they will not be able to bear medical costs, while 34% have already drastically reduced non-food purchases and 20% already say they consume less food.

Personal funds running out

Projecting their economic situation in the coming months, 11% say they have already consumed all their savings and therefore will no longer be able to draw on personal funds. To these is added a further 17% according to which their reserves will end between July and August, while 17% have financial autonomy until December and 16% at least for another year. In general, therefore, it can be said that the criticality falls on about half of the income earners who, shortly or by the end of the year, fear that they will be in difficulty.

THE IMPACT OF COVID-19 ON THE ACCOUNTS OF THE ITALIANS

How Italians evaluate the consequences of the health emergency on their personal accounts and on the country’s economy today. Answers in% (Source: Noto Polls)

THE IMPACT OF COVID-19 ON THE ACCOUNTS OF THE ITALIANS

No holidays and gloomy prospects for the future

The next holidays will also be conditioned by the economic and health emergency. In fact, only 26% estimate that they will spend at least one night away from home between July and September. And among those who renounce (58%), the primary motivation is economic (37%) over health (29%). To have a comparison of how much tourist flows are in sharp decline, just think that in summer 2019 40% of Italians spent at least one night away from home for tourism.

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