Retailers reported a slightly brighter assessment of their past business situation, offset by dimmer expectations for the next three months, while their views on stock levels were broadly stable. Employment plans among retail managers fell by 2.0 points, the largest decline among the surveyed sectors apart from services, and retail selling price expectations stayed largely unchanged (-0.2), though they remain above their long-term average, as in all sectors. Uncertainty about the future business situation decreased among retail managers, in contrast to services and industry.

On the demand side, consumer confidence weakened as all four components deteriorated, including consumers' intentions to make major purchases, a signal relevant for durable goods and higher-value retail categories. Consumers' inflation expectations for the next twelve months rose by 1.8 points, with perceptions of past price increases also higher for the second month in a row. The survey data were collected between 1 and 21 September; September results for Italian consumers are not included owing to a structural break in the national survey. The next flash consumer confidence estimate is due on 22 October, with full results on 29 October 2026.

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