Household consumption slightly down in October

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© CBS / Nikki van Toorn
According to figures released by Statistics Netherlands (CBS), households spent 0.2 percent less in October 2023 year on year, adjusted for price changes. They bought fewer goods, but more services.

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 November were, on balance, more unfavourable than in October.

More services, fewer goods

In October, consumers spent 0.3 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 makes up over half of total domestic household consumption expenditure.

Adjusted for price changes, households spent 2.4 percent less on food, beverages and tobacco. They also bought 0.5 percent fewer durable goods than in October 2022. Spending on home furnishing and passenger cars was down in particular. Households bought 0.5 percent more other goods, such as energy and personal care products, in October.

One week ago, CBS reported that the sales volume in retail trade in October was the same as one year previously. Sales volume decreased by 0.6 percent in the non-food sector and by 1.3 percent in the food sector. These figures have also been adjusted for the shopping-day pattern.

Consumer climate more unfavourable in November

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, conditions for Dutch household consumption in November were more unfavourable than they were in October. This is mainly because the year-on-year increase in stock market prices was lower and manufacturers were less positive about their expected workforce.

Sources

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