Services more popular than goods
During 2022, household consumption of goods declined due to rising inflation. Dutch consumers shifted a portion of their expenditures to services, which became fully accessible again after the pandemic. For example, the number of overnight stays, air travel, and visits to entertainment and recreational facilities increased significantly. This came at the expense of goods consumption, which has not grown since the second quarter of 2022. Durable goods such as cars, home furnishings, and also food are being purchased less. Domestic household consumption is expected to grow at a slow pace in the coming quarters, with demand for goods remaining under pressure.
Consumption services continued to grow, fewer goods purchased
Domestic private consumption, YoY volume change
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