Consumer confidence reaches all-time low in June

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© Hollandse Hoogte / Richard Brocken
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.

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.

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.

Sources

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