Consumer confidence above pre-crisis level; spending up on warmer summer
The mood among consumers improved significantly in October. Consumer confidence rose by three points compared to September and amounted to 8 - the highest level its been in more than 8 years. The increased confidence can be seen in willingness to buy. Consumers spent 1.4 percent more in August than in the same month last year.
This is according to figures from Statistics Netherlands, published on Tuesday.
At 8 consumer confidence in October has finally reached above pre-crisis level. It is well above the -8 average of the last 20 years. Statistics Netherlands attributes this increase to consumers being more positive about the economic climate. The sub Economic climate amounted to 20 in October, compared to 14 in September.
Consumer spending increased in all categories in August. Spending on food and drinks increased the most with 2.9 percent, compared to August 2014. Most of this increase can be attributed to spending on drinks and ice cream, which is due to the warmer summer.
Consumers spent 2.2 percent more on other goods such as fuel and gas. Spending on durable goods such as clothing and household goods increased by 0.2 percent. And spending on services, such as rent, public transport and restaurants, increased by 1.1 percent.
Statistics Netherlands expects that Dutch households' consumption will on balance be less favorable in October than in August and September, mostly due to consumers' opinions on future employment being more negative than last month. The assessment of the economic situation in the next 12 months is also less positive.