Monday, May 16

Dutch consumer spending drops amid weak economic sentiment


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Dutch consumer confidence deteriorated further in April from the prior month due to growing pessimism about the economy while the willingness to spend money dropped to its lowest point, the Dutch Statistics Office CBS announced on Thursday.

The indicator dropped by 9 points to -48 points, CBS said, compared with -39 points in March, when the war in Ukraine for the first time played a role in the survey.

The consumers were negative about the economy, while their interest to make purchases dropped further to -34 points, its lowest level ever recorded.

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“Never before have consumers found the time so unfavorable for making major purchases than in April 2022,” CBS said.

Separately, the statistics office said consumer spending in the Netherlands grew 13.8% in February year-on-year, helped by the gradual easing of the COVID-19 restrictions. Most consumers made heavy expenses for durable goods such as clothing, home furnishings or electrical equipment.

Nevertheless, consumption conditions in April were less favorable than in February due to pessimism towards the financial future and concerns over unemployment, which edged down to 3.3% in March from 3.4% a month earlier, CBS said.

(Reporting by Piotr Lipinski in Gdansk; Editing by Sherry Jacob-Phillips)



financialpost.com

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