Netherlands Consumer Confidence November 2022

Netherlands

Netherlands: Consumer confidence ticks up in November

November 21, 2022

Consumer confidence came in at minus 57.0 in November, improving slightly from October’s all-time low of minus 59. Consequently, the index remained below the 0-threshold, pointing to sustained pessimism among consumers.

The reading reflected a small improvement in consumers’ assessments regarding the economic climate in the next 12 months. Meanwhile, their assessment regarding the economic situation of the last 12 months was broadly unchanged. There was also an improvement in consumers’ buying intentions, which rose from October’s all-time low. In particular, consumers became less pessimistic about their financial situation over the next 12 months. However, the assessment of their financial situation over the last 12 months and their intentions to make large purchases remained unchanged in negative territory.

Going forward, consumer confidence is likely to continue improving thanks to generous fiscal support, including the government’s introduction of a monthly energy bill discount of EUR 190 as of November and an energy price cap from January 2023. That said, high inflation and interest rates will keep sentiment weak nonetheless, which will weigh on private consumption next year.

FocusEconomics Consensus Forecast panelists see private consumption contracting 0.3% in 2023, which is up 0.1 percentage points from last month’s forecast. In 2024, the panel expects private consumption to increase 1.6%.


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