Dutch consumers spending more again
According to the figures released by Statistics Netherlands today, Dutch consumer spending on goods and services in August 2015 was up by 1.4 percent on August 2014. Consumers mainly spent more on food, drinks and tobacco. According to the Household Consumption Radar, circumstances for Dutch household consumption in September and October are less favourable than in August.
Consumption figures have been adjusted for price changes and differences in the shopping-day pattern.
More spent on food, drinks and tobacco products
Household spending on food, drinks and tobacco products grew fastest with 2.9 percent compared to one year previously. Consumers mainly spent more on (soft) drinks and ice cream. It was also warmer in August 2015 than in August 2014.
Spending on the category ‘other goods’, which includes motor fuels, was up by 2.2 percent. Household spending on durable goods, such as clothing and household appliances, increased by 0.2. The year-on-year growth is substantially smaller than in the previous months. Last Thursday, Statistics Netherlands reported that turnover in August fell in shops selling household articles, clothing, consumer electronics and home furnishings. On the other hand, consumers spent more on cars.
Household spending on services - accounting for more than half of total domestic consumer spending - grew by 1.1 percent. These services include house rent, public transport, visits to restaurants or hairdressers and insurance premiums.
Consumer climate in October less favourable than in August
According to the Statistics Netherlands’ Household Consumption Radar, circumstances for Dutch household consumption were, on balance, less favourable in October than in August and September. By means of six indicators, the Household Consumption Radar shows whether circumstances for Dutch consumption have become more or less favourable.
Circumstances deteriorated in October relative to September because Dutch consumers were much less optimistic about future employment than in the previous month. Dutch share prices also did not rise as fast.
Today, Statistics Netherlands will also publish figures on Dutch consumer confidence in October.