Household consumption over 3 percent up in March

23/05/2018 15:00
According to figures released by Statistics Netherlands (CBS), Dutch household consumption was 3.2 percent up in March 2018 over March 2017. The growth rate was higher than in the preceding month, mainly as a result of higher natural gas consumption.

The CBS Consumption Radar shows that circumstances for Dutch household consumption in May are, on balance, somewhat less favourable than in March.

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

Dutch households consume more natural gas

In March 2018, Dutch consumers spent almost 10 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 March 2017. In February, it was also colder than in the same month last year.

Consumer spending on durable goods such as household appliances, cars and home furnishing articles was over 4 percent higher. Spending on food, beverages and tobacco was 3 percent up compared to March 2017.

Lastly, consumer spending on services - accounting for over half of total domestic consumer expenditure - rose by 1.5 percent relative to March 2017. These services include house rent, public transport, visits to restaurants or hairdressers and insurance premiums.

Consumer climate in May slightly less favourable than in March

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 May are, on balance, slightly less favourable than in March. This is mainly because consumers were less positive about future unemployment.

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

Sources

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