Consumer spending 2.7% up in October

The volume of domestic consumption expenditure was 2.7% higher in October 2001 than twelve months previously. Consumers spent more on all categories, though a more favourable pattern of shopping days was partly responsible for this increase. The largest increase was for spending on durable goods, according to the latest figures from Statistics Netherlands.

Durable goods popular in October
The volume increase in consumer spending on durable goods was 4.6% in October. Home decoration and do-it-yourself items were especially popular, but more was also spent on electronics and transport equipment. Consumers spent less than twelve months previously on clothes and shoes on the other hand. After adjusting for price changes they spent 2.5% more on food, drink and tobacco. For other goods too the volume increase in spending was 2.5%. The category other goods includes flowers and plants, books, cosmetics, cleaners, pharmaceutical products, energy and motor fuels. Spending on services was 2.1% higher in October.

Slower growth in 2001
The increase in domestic consumption in the first ten months of 2001 was 1.7% on average. This is a smaller volume increase than in preceding years. For the whole of 2000 domestic consumption rose by 3.5%. The growth rate was lower in 2001 for spending on both goods and services. The slower growth in consumer spending is accompanied by a greater tendency among households to put money into savings accounts.

(source: CBS - Statistics Netherlands)

Related News