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Financial News: Dutch Consumer Confidence At New Record Low

Dutch Consumer Confidence At New Record Low

07/20/2022 - 02:40:00 (RTTNews)

(RTTNews) - The Netherlands' consumer confidence weakened further to a fresh record low in July, while household consumption grew at a slower rate in May, data from the Central Bureau of Statistics showed on Wednesday. 

The consumer confidence index weakened to -51 in July from -50 in June. The score was well below the 20-year average of -9 points.

Moreover, this was the lowest reading since measurements began in 1986.

In July, consumer confidence reached a record low for the third time this year, the survey said.

Among components, the economic climate index dropped to a record low of -71 in July from -69 in the previous month.

In July, consumers were even more pessimistic about the economy in the next twelve months, and their opinion regarding the past economic situation was also negative.

The indicator for willingness to buy worsened to -38 in July from -37 in the previous month. Further, the reading was also the lowest in the survey's history.

Consumers found the time to make major purchases even more unfavorable than in June.

Separate data from the statistical office revealed that consumer spending grew at a slower rate of 7.3 percent annually in May, following a 12.6 percent rise in April.

Consumers spent more on services in May, but less on goods, the statistical office said.

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