Consumer confidence reaches all-time low in June

22/06/2022 15:00

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In June 2022, consumer confidence has dropped to an all-time low. The consumer confidence indicator is -50, compared to -47 in May. Consumers’ sentiment about the economy has hardly changed, but willingness to buy has decreased.

At -50, the consumer confidence indicator in June is positioned well below its long-term average over the past two decades (-9). The indicator reached an all-time high (36) in January 2000 while the all-time low (-50) was reached in June 2022. CBS has been measuring consumer confidence since April 1986.

Consumer confidence, seasonally adjusted
year	month	balance (average of the component questions)
2018	July	23
2018	August	21
2018	September	18
2018	October	15
2018	November	13
2018	December	9
2019	January	1
2019	February	-2
2019	March	-3
2019	April	-3
2019	May	-3
2019	June	-1
2019	July	1
2019	August	-1
2019	September	-2
2019	October	-1
2019	November	-2
2019	December	-2
2020	January	-2
2020	February	-2
2020	March	-3
2020	April	-23
2020	May	-31
2020	June	-27
2020	July	-26
2020	August	-29
2020	September	-28
2020	October	-30
2020	November	-26
2020	December	-19
2021	January	-19
2021	February	-19
2021	March	-18
2021	April	-14
2021	May	-9
2021	June	-3
2021	July	-4
2021	August	-6
2021	September	-5
2021	October	-10
2021	November	-19
2021	December	-25
2022	January	-28
2022	February	-30
2022	March	-39
2022	April	-48
2022	May	-47
2022	June	-50

Consumer confidence, seasonally adjusted
year	month	balance (average of the component questions)
2018	July	23
2018	August	21
2018	September	18
2018	October	15
2018	November	13
2018	December	9
2019	January	1
2019	February	-2
2019	March	-3
2019	April	-3
2019	May	-3
2019	June	-1
2019	July	1
2019	August	-1
2019	September	-2
2019	October	-1
2019	November	-2
2019	December	-2
2020	January	-2
2020	February	-2
2020	March	-3
2020	April	-23
2020	May	-31
2020	June	-27
2020	July	-26
2020	August	-29
2020	September	-28
2020	October	-30
2020	November	-26
2020	December	-19
2021	January	-19
2021	February	-19
2021	March	-18
2021	April	-14
2021	May	-9
2021	June	-3
2021	July	-4
2021	August	-6
2021	September	-5
2021	October	-10
2021	November	-19
2021	December	-25
2022	January	-28
2022	February	-30
2022	March	-39
2022	April	-48
2022	May	-47
2022	June	-50

Consumers’ sentiment about the economic climate hardly changed

Consumers are about as pessimistic about the economy in June as they were in May. This component indicator stands at -69, compared to -68 in May. Consumers are gloomier about the economic situation in the next twelve months, but slightly less negative about the economy over the past twelve months.

Willingness to buy reaches all-time low

Consumers’ willingness to buy stands at -37, compared to -33 in May. This is the lowest level since the beginning of the time series in 1986. Consumers are more pessimistic about both their financial situation in the next twelve months and their financial situation in the past twelve months than they were in May. They also find the time for making large purchases more unfavourable than in the previous month. Never before have consumers been so negative about this as in June 2022.

More and more consumers classify price increases as sharp

In the monthly consumer survey, there are also questions that are not related to consumer confidence, about prices and unemployment for example. In June, 77 percent of consumers have classified the price increases in the past year as sharp. This is the highest percentage since the beginning of the time series in 2017. The percentage expecting inflation to accelerate in the coming twelve months remains fairly stable at 31.

Consumers considering price increases as sharp
jaar	maand	percentage (%)
2018	July	20
2018	August	24
2018	September	23
2018	October	23
2018	November	22
2018	December	23
2019	January	21
2019	February	30
2019	March	37
2019	April	37
2019	May	40
2019	June	36
2019	July	40
2019	August	37
2019	September	37
2019	October	32
2019	November	30
2019	December	29
2020	January	32
2020	February	33
2020	March	25
2020	April	18
2020	May	15
2020	June	18
2020	July	21
2020	August	22
2020	September	18
2020	October	18
2020	November	16
2020	December	17
2021	January	16
2021	February	19
2021	March	21
2021	April	19
2021	May	24
2021	June	33
2021	July	40
2021	August	37
2021	September	43
2021	October	48
2021	November	53
2021	December	55
2022	January	57
2022	February	66
2022	March	67
2022	April	71
2022	May	73
2022	June	77

Consumers considering price increases as sharp
jaar	maand	percentage (%)
2018	July	20
2018	August	24
2018	September	23
2018	October	23
2018	November	22
2018	December	23
2019	January	21
2019	February	30
2019	March	37
2019	April	37
2019	May	40
2019	June	36
2019	July	40
2019	August	37
2019	September	37
2019	October	32
2019	November	30
2019	December	29
2020	January	32
2020	February	33
2020	March	25
2020	April	18
2020	May	15
2020	June	18
2020	July	21
2020	August	22
2020	September	18
2020	October	18
2020	November	16
2020	December	17
2021	January	16
2021	February	19
2021	March	21
2021	April	19
2021	May	24
2021	June	33
2021	July	40
2021	August	37
2021	September	43
2021	October	48
2021	November	53
2021	December	55
2022	January	57
2022	February	66
2022	March	67
2022	April	71
2022	May	73
2022	June	77

Respondents positive about future unemployment

In June, consumers are positive about future unemployment. The percentage of respondents expecting unemployment to fall (41 percent) is larger than the percentage anticipating an increase (19 percent). As a result, the balance of positive and negative answers is +22 percent.

Expectations on unemployment
Year	Month	balance (balance % positive and % negative answers)
2018	July	45.6
2018	August	46.3
2018	September	45.6
2018	October	35.8
2018	November	38.2
2018	December	27.8
2019	January	24.9
2019	February	25.5
2019	March	25.4
2019	April	21.5
2019	May	28.3
2019	June	28.7
2019	July	23
2019	August	10.5
2019	September	12.2
2019	October	4.5
2019	November	-11.3
2019	December	-12.9
2020	January	-6.3
2020	February	0.4
2020	March	-14.4
2020	April	-77.6
2020	May	-80.5
2020	June	-76.2
2020	July	-78.7
2020	August	-82.9
2020	September	-76.8
2020	October	-86.5
2020	November	-79.3
2020	December	-69.1
2021	January	-61.5
2021	February	-59.1
2021	March	-50.9
2021	April	-37.7
2021	May	-14.4
2021	June	12.8
2021	July	14.3
2021	August	14.5
2021	September	25.8
2021	October	20.2
2021	November	12.6
2021	December	7.4
2022	January	7.5
2022	February	19.9
2022	March	8.9
2022	April	3.4
2022	May	14.9
2022	June	21.9

Expectations on unemployment
Year	Month	balance (balance % positive and % negative answers)
2018	July	45.6
2018	August	46.3
2018	September	45.6
2018	October	35.8
2018	November	38.2
2018	December	27.8
2019	January	24.9
2019	February	25.5
2019	March	25.4
2019	April	21.5
2019	May	28.3
2019	June	28.7
2019	July	23
2019	August	10.5
2019	September	12.2
2019	October	4.5
2019	November	-11.3
2019	December	-12.9
2020	January	-6.3
2020	February	0.4
2020	March	-14.4
2020	April	-77.6
2020	May	-80.5
2020	June	-76.2
2020	July	-78.7
2020	August	-82.9
2020	September	-76.8
2020	October	-86.5
2020	November	-79.3
2020	December	-69.1
2021	January	-61.5
2021	February	-59.1
2021	March	-50.9
2021	April	-37.7
2021	May	-14.4
2021	June	12.8
2021	July	14.3
2021	August	14.5
2021	September	25.8
2021	October	20.2
2021	November	12.6
2021	December	7.4
2022	January	7.5
2022	February	19.9
2022	March	8.9
2022	April	3.4
2022	May	14.9
2022	June	21.9

Sources

StatLine - Consumer confidence, economic climate and willingness to buy

Consumers’ sentiment about the economic climate hardly changed

Willingness to buy reaches all-time low

More and more consumers classify price increases as sharp

Respondents positive about future unemployment

Sources

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