Consumer confidence down to new low

The mood among consumers deteriorated further in September. Consumer confidence dropped from -54 in August to -59 this month, breaking the record low for the fifth time this year. “Consumers have never been so negative about the economy and their financial situation,” Statistics Netherlands (CBS) said on Wednesday.

At -59, consumer confidence in September was a massive 50 points below the -9 average for the past two decades.

Consumers were even more pessimistic about the economy, with the economic climate sub-indicator falling from -74 in August to -79 in September. “Never before since the start of the measurement in 1986 were consumers so pessimistic about the economy.” Their willingness to buy was also historically low, dropping from -41 to -46.

Netherlands residents were more pessimistic than ever about their financial situation in both the past year and the coming 12 months. This month, 46 percent called it unlikely to very unlikely that they would be able to set aside money in the next year. And 85 percent of respondents felt that prices rose sharply in the past year, also a new record.