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Financial News: Dutch Consumer Confidence At New Record Low; Consumer

Dutch Consumer Confidence At New Record Low; Consumer Spending Rises Further

09/21/2022 - 02:45:00 (RTTNews)

(RTTNews) - Dutch consumer confidence weakened to a fresh record low in September, while consumer spending grew at a faster pace in July, data from the Central Bureau of Statistics showed on Wednesday.

The consumer confidence index weakened to -59 in September from -54 in August. The score was well below the 20-year average of -9 points.

The latest reading was the lowest since the survey began in April 1986.

Consumers were gloomier in September than in August, breaking the consumer confidence record low for the fifth time this year.

Among components, the economic climate index dropped to -79 in September from -74 in the previous month.

Consumers were both more negative about the economy in the past twelve months and about the economy in the next twelve months.

The indicator for willingness to buy fell to a record low of -46 in September from -41 in the previous month.

Consumers said the time to make major purchases was unfavorable in September.

Separate data from the statistical office revealed that consumer spending rose 6.2 percent year-over-year in July, faster than the 5.1 percent increase in June. Spending has been rising since April last year.

In July, consumers spent 12.0 percent more on services, while they spent 2 percent less on durable goods than last year.

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