Household consumption down slightly in February

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© Hollandse Hoogte / Flip Franssen
According to figures released by Statistics Netherlands (CBS), households spent 0.3 percent less in February 2024 year on year, adjusted for price changes. Spending was lower on goods, but slightly higher on services.

These are volume figures, which means they are adjusted for price changes. In addition, they have been adjusted for differences in the shopping-day pattern. The CBS Consumption Radar shows that conditions for Dutch household consumption in March were, on balance, more favourable than they were in February.

Spending on goods down

Households spent 1.4 percent less on food, beverages and tobacco in February (adjusted for price changes). They also spent 4.8 percent less on other goods, such as energy and motor fuels. February 2024 was less cold than February 2023. However, households spent 1.2 percent more on durable goods, such as on home furnishing, electrical appliances, clothing and cars.

In February, consumers spent 0.2 percent more on services than they did one year previously (adjusted for price changes). These services include accommodation and food services, public transport, communication, medical services and hairdressers. Spending on services makes up over half of all expenditure on domestic household consumption.

One week ago, CBS reported that the retail sales volume in February was up by 2.7 percent year on year. Sales volume increased by 4.6 percent in the non-food sector, but decreased 0.5 percent in the food sector. These figures have also been adjusted for the shopping-day pattern.

Consumer climate more favourable in March

Every month, CBS publishes figures about the conditions for household consumption in the CBS Consumption Radar. Household consumption is influenced by factors such as consumers’ expectations, their personal financial situation and labour market conditions. Although the Radar indicators are closely correlated with household consumption, improved conditions do not necessarily translate into an increase in consumption.

According to the CBS Consumption Radar, conditions for Dutch household consumption in March were more favourable than they were in February. This is mainly because the year-on-year price increase for owner-occupied dwellings was larger. The year-on-year increase in share prices was also larger and consumers were more positive about their financial situation for the next twelve months

Sources

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