Household consumption 2.6 percent up in November

22/01/2018 15:00
According to figures released by Statistics Netherlands (CBS), Dutch household consumption was 2.6 percent up in November 2017 over November 2016. The growth rate is higher than in the previous month. In November 2017, consumers mainly spent more on home furnishing articles, household appliances, clothing and footwear.

The CBS Consumption Radar shows that circumstances for Dutch household consumption are less favourable in January 2018 than in November.

Consumption figures are adjusted for price changes and differences in the shopping-day pattern.

Dutch consumers mainly spend more on durable goods

In November 2017, Dutch consumers spent over 7 percent more on durable goods such as home furnishing articles, household appliances, clothing, footwear and leather products. Consumer spending on food, beverages and tobacco products was almost 2 percent up on one year previously. In addition, consumers spent slightly more on the category ‘other goods’.

Last week, CBS already reported that - adjusted for the shopping-day pattern - retail turnover was 5.5 percent up in November year-on-year. The volume of sales grew by over 4 percent. This number was also adjusted for the shopping-day pattern.

Lastly, consumer spending on services - accounting for over half of total domestic consumer expenditure - rose by over 2 percent compared to November 2016. These services include house rent, public transport, visits to restaurants or hairdressers and insurance premiums.

Consumer climate in January less favourable compared to November

CBS publishes figures about circumstances for household consumption on a monthly basis. Household consumption is affected by consumers’ expectations, their personal financial situation and developments on the labour market. Although the Radar indicators show a strong correlation with household consumption, improved circumstances are not necessarily translated into increased growth.

According to the CBS Consumption Radar, circumstances for Dutch household consumption are less favourable in January than in November. In particular, the year-on-year rise in Dutch share prices was smaller. Manufacturers’ expectations on future employment were also less positive. In January, on the other hand, Dutch consumers are more positive about future unemployment.

The figures presented in this news release are provisional and can be adjusted.

Sources

Related items