Household consumption nearly 1 percent up in January

21/03/2018 15:00
According to figures released by Statistics Netherlands (CBS), Dutch household consumption was 0.7 percent up in January 2018 over January 2017. The growth rate is lower than in the previous months, mainly as a result of considerably lower natural gas consumption.

The CBS Consumption Radar shows that circumstances for Dutch household consumption are, on balance, slightly more favourable in March than in January.

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

Dutch households consume less energy

In January 2018, Dutch consumers spent over 9 percent less on the category ‘other goods’, such as motor fuels and energy. Spending on natural gas was considerably lower because it was less cold than in January 2017.

On the other hand, consumer spending on durable goods such as clothes, cars and home furnishing articles was over 5 percent higher. Spending on food, beverages and tobacco was marginally up compared to January 2017.

Lastly, consumer spending on services - accounting for over half of total domestic consumer expenditure - rose by nearly 2 percent relative to January 2017. These services include house rent, public transport, visits to restaurants or hairdressers and insurance premiums.

Consumer climate in March more favourable than in January

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 slightly more favourable in March than in January. This is mainly because manufacturers’ expectations on future employment have improved and because the year-on-year-rise in house prices was more substantial.

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

Sources

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