Household spending 13.5 percent down in January

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

Sharpest drop in durable goods consumption since turn of century

In January 2021, consumers spent 25.1 percent less on durable goods than in January 2020. This is the largest contraction since the beginning of the time series in 2000. Households spent considerably less on clothing, transport equipment, home furnishings and electrical appliances.

Spending on services such as visits to restaurants, hairdressers, cinemas, museums and football games declined by 17.9 percent in January year-on-year. This was the largest decline since mid-2020. Restaurants, bars, amusement parks, cinemas, theatres, zoos, museums and swimming pools were closed for the entire month of January. In general, spending on services accounts for over half of total domestic consumer expenditure.

Consumer spending on food, beverages and tobacco was 7.9 percent up year-on-year. This is the most substantial growth since May 2020. Spending on other goods, such as natural gas and motor fuels, was 0.6 percent up. Consumers purchased significantly less fuel, but natural gas consumption was higher than in January 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 5.9 percent in January 2021. Whereas the non-food sector recorded exceptionally strong turnover decline, the food sector achieved higher turnover. These figures have also been adjusted for the shopping-day pattern.