Tuesday 27 July 2021

Consumer spending boom continues with 9% rise in May

Photo: Depositphotos.com

Consumer spending soared by nearly 9% in May, but was still slightly down on April’s 9.7% rise, which itself was the biggest since World War II.

However, the size of the increase is due to the low level of consumer spending in the Netherlands at the same time last year, when the first lockdown had been imposed, national statistics agency CBS said.

Spending on consumer durables, namely clothes, shoes and cars, was up 19.5% in May, while the cold spring boosted spending on gas and electricity by 11%.

The CBS also said on Thursday that consumer confidence was virtually unchanged in July, when compared with June.

The consumer confidence index hit -4 in July, down one point on June. Consumers are more confident about the economy in general but slightly less willing to make major purchases, the CBS said.

Nevertheless, the figure is still well above the average of -8 over the past 20 years. The consumer confidence index reached its highest ever point of 36 in January 2000, and hit a low of -41 in March 2013, at the height of the financial crisis.

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