As indicated by the CBS Household Consumption Radar, circumstances for consumer spending in October are less unfavourable than they were in August.
Consumption figures have been adjusted for price changes and differences in the shopping-day pattern.
Domestic household consumption (volume, adjusted for shopping days) Year Month Change (year-on-year % change) 2016 September 0.9 2016 October 1.7 2016 November 2.4 2016 December 1.6 2017 January 3.3 2017 February 2.6 2017 March 2.2 2017 April 2.8 2017 May 3 2017 June 2.7 2017 July 2.5 2017 August 2.3 2017 September 3.3 2017 October 1 2017 November 2.6 2017 December 1.7 2018 January 1.7 2018 February 3.2 2018 March 3 2018 April 3.2 2018 May 2 2018 June 2.6 2018 July 2.8 2018 August 2.6 2018 September 2 2018 October 2.1 2018 November 2.2 2018 December 1.7 2019 January 1.3 2019 February 0.9 2019 March 1.4 2019 April 1.5 2019 May 2.5 2019 June 1.4 2019 July 1.1 2019 August 1.1 2019 September 2 2019 October 2 2019 November 1.7 2019 December 3.1 2020 January 0.9 2020 February 1.2 2020 March -6.4 2020 April -17.1 2020 May -12.1 2020 June -7.1 2020 July -6.4 2020 August -5.8
|Year||Month||Change (year-on-year % change)|
Lower spending on services
In August, consumers spent 14.3 percent less on services than in the same month last year. This mainly applied to e.g. restaurants, theatres, amusement parks, gyms and football games as well as public transportation. However, consumers spent more on services such as telephone and internet subscriptions, insurances, housing services, private lease and courier services.
Consumer spending on durable goods increased by 8.2 percent. They mainly spent more on electrical appliances, home furnishings and clothing compared to August 2019. Consumer spending on food, beverages and tobacco was 6.0 percent up year-on-year. Spending on other goods, such as natural gas and motor fuels, was 2.8 percent up.
Three weeks ago, CBS reported a year-on-year turnover growth in retail trade of 10.2 percent in August 2020. The volume of sales increased by 9.3 percent. Turnover was up in both the food sector and the non-food sector. These figures were adjusted for the shopping-day pattern as well
|aug-20 (year-on-year % change)|
|Food, drinks and tobacco||6|
|Other goods (e.g. gas)||2.8|
Conditions less unfavourable in October compared to August
Every month, CBS publishes indicators to show developments around household consumption in the CBS Household Consumption Radar. Household consumption is influenced by factors such as 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 Household Consumption Radar, circumstances for household consumption in October are less unfavourable than in August. This is mainly due to the less negative mood among Dutch manufacturers regarding future employment growth within the company. Consumers’ expectations on their own financial future in the next twelve months are also more positive.