Household spending 11.9 percent down in December

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

Less spent on services and durable goods

In December 2020, consumers spent 17.1 percent less on services such as visits to restaurants, hairdressers, cinemas and football games compared to the same month of the previous year. This was the largest decline in seven months. Restaurants and bars were closed for the entire month of December. Amusement parks, cinemas, theatres, zoos, museums, and swimming pools had to close as of 15 December. As of this date, libraries were only open for pick-up of books. In general, spending on services accounts for over half of total domestic consumer expenditure.

Furthermore, consumer spending on durable goods decreased by 16.2 percent. Households mainly spent less on clothing and shoes. They also spent less on electrical appliances and home furnishings compared to December 2019. Consumer spending on food, beverages and tobacco was 6.7 percent up year-on-year. Spending on other goods, such as natural gas and motor fuels, was 5.3 percent down. Consumers purchased significantly less fuel. Furthermore, natural gas consumption was higher than in December 2019. This was related to more heating due to lower temperatures and consumers spending more time in their own homes.

Two weeks ago, CBS reported a year-on-year turnover decline in retail trade of 3.1 percent in December 2020. Whereas the non-food sector recorded strong turnover decline, the food sector achieved higher turnover. These figures have also been adjusted for the shopping-day pattern.