Household consumption almost 3 percent up in February

These are volume figures, i.e. figures adjusted for price changes. In addition, they have been adjusted for differences in the shopping-day pattern. The CBS Consumption Radar shows that circumstances for Dutch household consumption in March were, on balance, about as favourable as in February.

Households spent more on services

In February, consumers spent 7.4 percent more on services compared to the same month last year (adjusted for price changes). In February 2022, there was no longer a hard lockdown, but accommodation and food services, recreation and culture, for example, were still affected by a number of COVID-19 measures such as coronavirus entry passes. Spending on services accounts for over half of total domestic consumer expenditure.

Adjusted for price changes, households spent 3.8 percent less on food, beverages and tobacco. They also spent 2.0 percent less on durable goods than in February 2022. Spending on home furnishing and clothing was down in particular. Spending on other goods, such as natural gas, was 5.2 percent down in February year on year. Households mainly cut back on energy consumption. However, they used more motor fuels.

Over a week ago, CBS reported that the volume of sales in retail trade in February was 2.9 percent lower than one year previously. The volume of sales in the non-food sector decreased by 3.3 percent and by 4.2 percent in the food sector. These figures have also been adjusted for the shopping-day pattern.

Consumer climate in March equally favourable

Every month, CBS publishes figures about circumstances for household consumption in the CBS 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 do not necessarily translate into a higher increase in consumption.

According to the CBS Consumption Radar, circumstances for Dutch household consumption in March were about as favourable as they were in February. The year-on-year increase in stock market prices was larger. Consumers were less pessimistic about their financial situation in the next twelve months and more positive about the future development of unemployment. However, the year-on-year price increase of owner-occupied dwellings turned into a decrease. The year-on-year growth of the employed labour force was slightly smaller than in the previous month and manufacturers were somewhat less optimistic about future employment in their company.