Consumer confidence fell to historic lows in September and October. An analysis by Statistics Netherlands on Wednesday showed that this number of people have never been more negative about their economic and financial situation.
In particular, the relatively large proportion of consumers who experienced some deterioration has led to a 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, the willingness to buy was much lower in October than in previous periods of low confidence. Many consumers believe that now is not the right time to buy, for example, a car, furniture or household appliances.
Moreover, opinions about the financial situation in the past and the coming year contribute negatively to the decrease in buying cravings. Remarkably, however, consumers are less negative about their financial future than before.
The number of pessimists has been historically high in recent months. This is mainly due to the significant increase in the percentage of consumers who said their financial situation had worsened a bit.
