Consumer confidence in the Netherlands broke the low consumer confidence record for the fifth time this year in September, according to latest data from the Centraal Bureau voor de Statistiek (CBS).
Consumer confidence in September dropped to -59 from -54 in August and was well below the average for the past 20 years (-9), the CBS noted.
In January 2000, confidence reached its highest level ever of 36.
Data also unveiled that consumers were more pessimistic about the economy in September than in August as the component indicator economic climate went from -74 to -79.
Consumers were also pessimistic about the economy for the next twelve months.
The willingness to buy sinked to a new low in the Netherlands with the numbers falling to -46 in September from -41 in August.
Customers were pessimistic about their economic outlook as well about making major purchases.
In September, 46% of the respondents said it was 'unlikely' or 'very unlikely' that they would be able to put money aside in the next 12 months.
This is the highest percentage since data collection for this parameter began in 2017, the CBS added.
Respondents hopeful about being able to put money aside dropped to 50%, data showed.
According to 85% of the participants, prices have risen sharply in the past 12 months, which is also is a record, the CBS noted.
Dutch greenhouses are facing a crisis due to high gas and electricity prices following Russia's invasion of Ukraine, and it will hasten a switch to other energy sources and could see many businesses fail.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.