Consumer confidence fell to record lows in September and October. Never before have so many people been so negative about both the economic situation and their financial situation, according to an analysis by Statistics Netherlands on Wednesday.
In particular, the relatively large share of consumers who have seen some deterioration has led to historically low consumer confidence (-59). The number of people who rated the financial situation as much worse was lower than in previous crises.
In particular, in October the propensity to buy was much more contained than in previous periods of low confidence. Many consumers believe that now is not a good time to buy, for example, a car, furniture or appliances.
Furthermore, the opinions on the financial situation of the past and next year negatively contribute to the very low propensity to buy. It is surprising, however, that consumers are less negative about their financial future than before.
The number of pessimists has historically been high in recent months. This is mainly due to a sharp increase in the percentage of consumers who said that their financial situation has deteriorated slightly.
