Consumers refrain from spending

Dutch household spending in March this year was 3.3 percent down on March 2008. Spending declined across the board. The decrease virtually equalled the drop in February. Consumption figures are adjusted for price changes and differences in the shopping-day pattern.

Spending on durable goods was nearly 9 percent down. New car sales dropped dramatically relative to March 2008. Households also cut spending on furniture, clothing, footwear and household appliances. Spending on durable goods is cyclically sensitive. Consumers have cut spending on these items over the past six months. They also skimped on food, drinks and tobacco. The consumption volume decreased by more than 3 percent in March.

On average, the value of consumer spending on goods and services totals about 70 billion euro a quarter. Consumers spent less in the first three months of 2009 than one year previously, but they saved much more depositing over 8 billion euro in their savings accounts. This amount is nearly 7 billion euro higher than twelve months previously.

Domestic household consumption (volume)