Household consumption over 1 percent up in May

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© Hollandse Hoogte / Marcel Krijgsman
According to figures released by Statistics Netherlands (CBS), households spent 1.4 percent more in May 2023 year on year, adjusted for price changes. Again, they spent more on services and less on goods.

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 June were, on balance, more unfavourable than in May.

Domestic household consumption (volume, adjusted for shopping days)
Year MonthChange (year-on-year % change)
2019June1
2019July0.5
2019August0.5
2019September1.3
2019October1.4
2019November1.2
2019December2.4
2020January0.4
2020February2.6
2020March-7.4
2020April-17.6
2020May-11.8
2020June-6.9
2020July-3.6
2020August-0.5
2020September-3.9
2020October-4.5
2020November-7.1
2020December-11
2021January-11.7
2021February-11
2021March0.4
2021April12.8
2021May11.9
2021June8.1
2021July3.4
2021August4.1
2021September5.5
2021October9.4
2021November9.7
2021December5.3
2022January12.5
2022February14.7
2022March12.3
2022April10.9
2022May6.2
2022June5.3
2022July3.6
2022August2
2022September2
2022October0.9
2022November2.4
2022December9.5
2023January5.4
2023February2.6
2023March1.6
2023April1.2
2023May1.4

Households spent more on services

In May, consumers spent 5.3 percent more on services compared to the same month last year (adjusted for price changes). These services include insurances, public transport and visits to restaurants, events or hairdressers. Spending on services accounts for over half of total domestic consumer expenditure.

Adjusted for price changes, households spent 5.3 percent less on food, beverages and tobacco. They also spent 4.5 percent less on durable goods than in May 2022. Spending on clothing, home furnishing and electrical appliances was down in particular, but spending on passenger cars was up. Spending on other goods such as energy, motor fuels and personal care products was 0.3 percent up in May year on year. Consumers mostly filled up their tanks more.

Over one week ago, CBS reported that the volume of sales in retail trade in May was 5.8 percent lower than one year previously. The volume of sales in the non-food sector decreased by 7.5 percent and by 4.2 percent in the food sector. These figures have also been adjusted for the shopping-day pattern.

Domestic household consumption by category (volume, adjusted for shopping days), May 2023
 Change (year-on-year % change)
Services5.3
Other goods (e.g. gas)0.3
Durable goods-4.5
Food, drinks and tobacco-5.3
Total1.4

Consumer climate in June more unfavourable

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 June were more unfavourable than in May. Manufacturers were less optimistic about future employment in their company. The year-on-year growth of the employed labour force was smaller than in the previous month and the year-on-year price decrease of owner-occupied dwellings was larger.

Sources

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