Consumer confidence in the Netherlands sets a new record low

Consumer confidence in the Netherlands dropped to an all-time low in June, falling from -47 in May to -50 this month. While consumers were about equally pessimistic about the economic climate as in previous months, their willingness to buy declined to a record low, Statistics Netherlands (CBS) reports.

The stats office started keeping track of consumer confidence every month in April 1986. Since then, consumer confidence averaged at -9, reaching a record high of +36 in January 2000 and dropping to an all-time low this month.

"Consumers were about as pessimistic about the economy in June as they were in May," CBS said. But their willingness to buy dropped from -33 in May to -37 in June - the lowest level since the measurement began. Consumers were more pessimistic about their financial situation and found the time for making major purchases even more unfavorable than in May. "Never before have so many consumers been so negative about this."

More people are also feeling the high inflation. 77 percent of Netherlands residents said they've noticed prices have risen sharply in the past year - the highest percentage since the stats office started including this question in its consumer confidence survey in 2017. 31 percent think prices will rise even further.