Household consumption nearly 3 percent up in February

20/04/2018 15:15
According to figures released by Statistics Netherlands (CBS), Dutch household consumption was 2.6 percent up in February 2018 over February 2017. The growth rate was higher than in the preceding month, mainly as a result of considerably higher natural gas consumption.

The CBS Consumption Radar shows that circumstances for Dutch household consumption in April are, on balance, as favourable as in February.

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

Dutch households consume more natural gas

In February 2018, Dutch consumers spent over 7 percent more on the category ‘other goods’, such as motor fuels and energy. Spending on natural gas was considerably higher because it was much colder than in February 2017. In January, on the other hand, it was considerably less cold than in the same month last year.

Consumer spending on durable goods such as clothes, cars and home furnishing articles was over 4 percent higher. Spending on food, beverages and tobacco was nearly 1 percent up compared to February 2017.

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

Consumer climate in April as favourable as in February

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 in April are, on balance, as favourable as in February. Manufacturers’ opinions on future employment improved, and consumers were more positive about their financial situation in the next twelve months. Furthermore, the year-on-year rise in house prices and the increase in the employed labour force were more substantial. On the other hand, the year-on-year rise in Dutch share prices was considerably less substantial.

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

Sources

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