Consumer spending above pre-Covid levels for the first time

Dutch consumption rose above the pre-coronavirus crisis level for the first time in July. According to Statistics Netherlands, consumers spent 2.1 percent more in this month than in July 2019.

In the past period, spending on services picked up again, such as spending on telephone and internet subscriptions, insurance, a visit to the hairdresser, a restaurant or a football match. This is partly related to the relaxation of the coronavirus rules.

According to figures from the stats office, service expenditure in July was still slightly lower overall than two years ago. But that was offset by other spending.

In total, consumption was 4.8 percent higher than in July last year. The increase was therefore smaller than in May and June, when consumption grew significantly faster on an annual basis. But according to the stats office, that is because consumption was at a very low level in May and June 2020 due to the first lockdown.

More than three weeks ago, CBS already reported that retail turnover in July was 3.4 percent more than in the same month last year. The turnover of the non-food sector grew, while the turnover of the food sector shrank slightly. Online retailers' turnover was 11 percent higher.

Corporate investment also picked up in July. According to CBS, these grew by 4.2 percent on an annual basis. Investments in buildings in particular increased. On the other hand, the business community allocated less money for infrastructure and cars. Compared to July 2019, investments were approximately 1 percent higher.