The Made in Italy sectors (cosmetics, jewellery, fashion system, furniture, eyewear, watchmaking) recorded very different trends during 2024, with excellent results for cosmetics and jewellery, and some critical issues for the fashion system, especially for the textile and leather goods sectors. Adding the furniture, eyewear and watch sectors, the total turnover in 2024, including the foreign component, amounts to 150 billion euro.
The scenario up until 2027 incorporates growth prospects, favoured by the gradual improvement in disposable household income, in Italy and Europe. The decline in inflation and solid labour market conditions may in fact translate into a recovery in consumption.
THE ROLE OF MADE IN ITALY EXPORTS IN THE GLOBAL CONTEXT
In addition, exports will continue to be a fundamental driver for Made in Italy companies, even within a global framework characterised by a high degree of uncertainty due to the inconsistency in US policies, which represents a particularly relevant market for these sectors.
THE COMPETITIVE STRENGTH OF TOP-QUALITY MADE IN ITALY PRODUCTS
We highlight that top-quality products are actually the main drivers of the Made in Italy supply on international markets. Italy has a market share of 11.2% on high-priced products, compared to a 4.6% share on medium-low-end products.
SPECIALISATION, KNOW-HOW AND ITALIAN DESIGN AS STRATEGIC LEVERAGE
Underlying this result is the strength of the Made in Italy supply chains, with production concentrated in highly specialised areas where know-how and craftsmanship skills are handed down, combined with the leverage of design, which represents a key factor, servicing a broad spectrum of activities.
ITALIAN LEADERSHIP IN SPECIALISED DESIGN
In addition to large investments within companies, Italy is the leading European country in terms of relevance of specialised design activities: with almost 70,000 workers (approximately 20% of the European total), our country has a turnover of 6.3 billion euro in the sector (16.4% of the EU27 total, in 2023). France (with 55,000 workers) and Germany (with 53,000 workers) follow in the ranking.
NEW MARKETS FOR MADE IN ITALY: FOCUS ON INDIA AND NORTH AFRICA
We also need to consider that Italian Made in Italy companies have an extensive reaction capacity: when faced with an international framework where geopolitical risks will remain high, the search for new markets, both near and far, which has been ongoing for several years, will become even more necessary; we note specifically the growing attention towards India and North Africa.
SOURCE: Intesa Sanpaolo processing based on Eurostat and BACI-CEPII data