Consumption growth less robust
Dutch households spent 2.2 percent more on goods and services in November 2007 than in November 2006. Spending on goods rose by 2.4 percent; spending on services increased by 2.0 percent. Consumption growth remained high in November, although it was slightly smaller than in September and October. Consumer spending was largely unaffected, despite a drastic deterioration in consumer confidence. Consumer confidence plummeted in September and has not recovered since then.
Spending on food, tobacco and beverages increased by 1.7 percent compared with November 2006. This is well below the growth rate in the three preceding months. In this period, however, growth amply exceeded the usual figures. In August, September and October spending on food, beverages and tobacco was about 3 percent up on the same month a year previously.
Spending on durable consumer goods, too, also rose by less than in preceding months. Households spent 1.4 percent more on these goods than in November 2006. Expenditure on other goods did grow strongly on the other hand. The 4.5 percent increase was accounted for by a much higher gas consumption compared with twelve months previously.
These figures present the volume changes in consumer spending. They have been adjusted for price changes and for differences in the shopping day pattern. More information on this subject is contained in the article “The volume concept in economic publications”.
Domestic household consumption (volume)