According to figures released by Statistics Netherlands today, Dutch consumer spending on goods and services was up by 1.3 percent in July 2015 on the same month last year. Consumers mainly spent more on home furnishings and household appliances.
Consumption figures have been adjusted for price changes and differences in the shopping-day pattern.
More spent on home furnishings and household appliances
Household spending on durable goods grew most strongly with 5.4 percent. Just as in previous months, consumers mainly spent more on home furnishings and household appliances. This is consistent with the positive developments on the housing market. On Tuesday 15 September, Statistics Netherlands released figures on the turnover growth in home furnishing and consumer electronics shops in the Dutch retail sector, reporting a marked increase.
Spending in the category ‘other goods’, which includes gas and motor fuels, was up by 1.5 percent. On the other hand, 1.6 percent less was spent on food, drinks and tobacco products compared to July 2014.
Household spending on services - accounting for more than half of total domestic consumer spending - grew by 0.9 percent. These services include house rent, public transport, visits to restaurants or hairdressers and insurance premiums.
Consumer climate in September marginally better than in July
According to the Statistics Netherlands’ Household Consumption Radar, circumstances for Dutch household consumption were, on balance, marginally better in September than in July, although less favourable than in August. By means of six indicators, the Household Consumption Radar shows whether circumstances for Dutch consumption have become more or less favourable.
Circumstances have deteriorated in September relative to August because, on an annual basis, Dutch share prices rose less rapidly than one month previously. Dutch consumers were also much less optimistic about future employment than in the previous month.
Today, Statistics Netherlands will also publish figures on Dutch consumer confidence in September.
For more information on economic indicators, see the Economic Monitor.