Belgium: Consumer confidence picks up in January but remains below long-term average
Consumer confidence rose to minus 12.0 in January from December’s minus 15.0. This represented the third consecutive month that consumer confidence improved, with the reading now averaging around its Q2 2022 values.
Looking at the details of the release, nearly all subcomponents of the consumer confidence index improved. Consumers expectations for the next 12 months improved regarding the economy, saving intentions and the labor market, while they remained stable for consumers personal financial situations. Overall, the increase in confidence can be attributed to a more favorable macroeconomic outlook. Nevertheless, consumer confidence still remained lower than its long-term 30-year average.
FocusEconomics analysts project household spending to grow 0.0% in 2023, which is down 0.3 percentage points from last months forecast. In 2024, they see it expanding 1.8%.