Household consumption almost 11 percent down in February

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

Consumers spent less on services and durable goods

In February 2021, consumers spent 18.2 percent less on durable goods than in February 2020. The contraction is smaller than in January, when consumers spent 25.4 percent less on durable goods. As of 10 February, it was possible to pick up ordered goods at non-essential stores. Households spent considerably less on clothing, footwear and leather goods, transport equipment, home furnishings and electrical appliances than one year previously.

Spending on services such as telephone and internet subscriptions, insurance, visits to hairdressers, restaurants, and football games declined by 15.1 percent in February year-on-year. Restaurants, bars, amusement parks, cinemas, theatres, zoos, museums and swimming pools were closed for the entire month of February. In general, spending on services accounts for over half of total domestic consumer expenditure.

Consumer spending on food, beverages and tobacco was 8.3 percent up year-on-year. This is the largest growth since April 2020. Spending on other goods, such as natural gas, electricity and motor fuels, was 0.8 percent up. Consumers purchased less fuel, but natural gas consumption was higher than in February 2020. This was related to more heating due to lower temperatures.

Three weeks ago, CBS reported a year-on-year turnover decline in retail trade of 2.8 percent in February 2021. 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.