War and energy shock, consumption sting: up to 963 euro less per household and risk of stagnation
At the Confcommercio forum the economic account of the conflict, growth estimates stand at 0.3% (2026) and +0.4% (2027). Demanded start of confrontation with the government against contractual dumping
Key points
The war-related energy tensions risk reducing disposable income with a negative impact on consumption: in the two-year period 2026-2027, the estimated loss is up to EUR 963 per household in the worst-case scenario, with effects on growth and employment. Growth estimates, again in the worst-case scenario, are only +0.3% for 2026 and +0.4% for 2027.
The risk of a new decade of stagnation
The overall picture that emerges from the Confcommercio forum is one of substantial uncertainty, with one major concern: "without structural interventions on tax, labour, skills and the quality of bargaining, the risk is that of a new decade of stagnation, with permanent effects on growth, employment and social cohesion. A prospect that Italia certainly cannot afford'.
The Confcommercio research office has outlined three scenarios for the 2026-2027 macroeconomic framework: in the base scenario, a loss of 434 real euro per family is expected compared to the 'normal' situation, which in the case of prolonged conflict may lead to a further loss of 529 euro compared to the base scenario. In total, therefore, it is a hefty bill that households will have to pay in the event of prolonged conflict, amounting to a total loss of EUR 963 compared to the situation we would have had in the absence of conflict.
The war in Iran, with the blockade of the Strait of Hormuz, brings with it the risk of new serious energy shocks and heavy economic repercussions. "The scenario weighs directly on our sectors, particularly trade, tourism, transport and services, which are the most exposed to rising costs, reduced demand flows and slowing consumption," recalled Confcommercio chairman Carlo Sangalli. "International tensions fuel uncertainty," Sangalli added, "they curb demand and hit above all the companies most tied to the territory and household consumption. And when consumption stops, the very heart of our economy stops".
The market tertiary sector between 1995 and 2025 created almost 4 million jobs
At the outbreak of the conflict, Italia was aligning itself to conditions favourable to growth close to or above 1% according to Confcommercio, with inflation contained to 1.5% (the best performance compared to the trend of the 21 eurozone countries), consumption growing by 1% between January and February (compared to the first two months of 2025), a labour market on the highs (albeit slowing down in recent months) that has always travelled above 24 million employed since July 2024. Also on the upswing was disposable income, which rose from €1,359 to €1401 (+3.1%) from 2019 to 2025.


