Dutch consumer confidence November 2022

Consumer confidence was minus 57.0 in November, slightly improving from October’s record low of minus 59. Consequently, the index remained below the zero threshold, indicating sustained pessimism among consumers.

The readings reflected a slight improvement in consumer estimates of the economic climate over the next 12 months. Meanwhile, their assessment of the economic situation over the past 12 months as a whole has not changed. There was also an improvement in consumer buying intent, which rose from a record low in October. In particular, consumers have become less pessimistic about their financial situation over the next 12 months. However, their assessment of their financial position over the past 12 months and their intention to make large purchases remained unchanged in negative territory.

Going forward, consumer confidence is likely to continue to improve thanks to generous fiscal support, including the introduction of a €190 rebate on monthly electricity bills by the government from November and energy price caps from January 2023. That being said, high inflation and interest rates will still remain weak, which will put pressure on private consumption next year.

FocusEconomics Consensus Forecast experts predict that private consumption will decline by 0.3% in 2023, which is 0.1 percentage points higher than last month’s forecast. The Group expects private consumption to grow by 1.6% in 2024.