The Netherlands’ consumer confidence deteriorated in March to near a record low, and the war in Ukraine played a role for the deterioration for the first time, the Central Bureau of Statistics said on Wednesday.
The consumer confidence index decreased to -39.0 in March from -30.0 in February. The score was below the 20-year average of -8 points. The reading has been falling since October.
A lower reading than the latest score was only seen in February and March 2013, when it was -41, the agency said.
Households’ expectations regarding the economic outlook for the next 12 months deteriorated sharply.
Among components, the economic climate index decreased to -58 in March from -46 in February. The assessment of the future economic climate were more negative.
The indicator for the willingness to buy fell to -26 in March from -20 in the previous month. Households were significantly concerned about their financial situation in the next 12 months.
Separate data from the statistical office showed that the household consumption increased 11.1 percent yearly in January, following a 4.8 percent increase in December. This was the highest since May last year, when consumption rose 11.2 percent.
Consumers spend more on services and durable goods, the agency said.