Consumer confidence in the Netherlands saw a slight decline in October 2024, to -22, down from -21 in September, new data from Statistics Netherlands (CBS) has found.
This decline has been largely driven by a reduced willingness to buy among Dutch shoppers, reflecting increased consumer pessimism about their financial situation and economic outlook.
In addition, the October confidence level remains well below the long-term average of -10 observed over the past two decades, CBS noted.
Economic viewpoint
Consumers’ views on the broader economy remained stagnant, with the indicator for economic sentiment holding at -37 on a month-on-month basis. Although consumers‘ assessment of the economy over the previous 12 months slightly worsened, economic expectations for the next 12 months showed a modest improvement.
However, the overall willingness to buy decreased to -12 in October, compared to -11 in September. Dutch shoppers were more negative about their financial situation over the past year and less optimistic about the upcoming 12 months, though their outlook on making large purchases improved slightly compared to September. Read more here.
House prices continue to increase
Elsewhere, separate data from CBS indicated that house prices saw a notable increase in September, rising by 11.4% compared to the same month in 2023.
This marks the largest annual price increase in over two years. On a month-on-month basis, prices were 0.9% higher, continuing a trend of growth that has been in place since June 2023.
In addition to rising prices, the number of property transactions asp increased. A total of 17,622 homes were bought and sold in September 2020, up 9.5% year-on-year, the data showed.
Over the first nine months of 2024, home sales in the Netherlands rose by over 11% compared to the same period in 2023, as a total of 146,530 dwellings changed ownership. Read more here.
