Dutch households spend more on energy, fuel than in 2022 crisis

Dutch households are spending more on energy and fuel than they did four years ago during the 2022 energy crisis. The higher costs are largely offset by rising incomes, according to a report released Thursday by economists at ING, based on customers’ payment data.

The share of income devoted to energy and fuel averages 6.1 percent, still lower than in 2022 across all income groups.

“Thanks to the strong income growth, households, including those in the lower income groups, remain financially resilient, despite higher prices and weak consumer confidence,” the report states.

The average amount spent on fuel and energy remains historically high.

“The crisis in the Middle East has not led to a repeat of 2022. Concerns about a new affordability crisis were initially high, but have diminished now that the oil price has fallen from its record high,” the bank economists said.

“Although the flaring up of the conflict in the Middle East has again strongly driven up energy prices, our transaction data show that household finances on average remain quite resilient,” ING concludes.