Sunday, 21 August 2020 12:56 PM

Dutch consumer confidence is dented

LED Crisis, high inflation, plummeting stock prices and European countries with high debts. All this bad news has a major impact on the Dutch population, according to a recent survey by Statistics Netherlands. "Consumers were very pessimistic about the economic climate in August," the statistics office said.

The bad news of recent times has seriously affected consumers. People react to news reports about recession and falling stock markets and fear for their economic future. Yet many at the moment do not really feel the recession in their own wallets. They still just buy things and most people still have a job, but consumers have less purchasing power and the level of willingness to buy is low.

The fact that unemployment in the Netherlands is also going in the wrong direction also gives consumers less confidence. For the first time this year, unemployment has risen to over 400,000 people. A stark contrast to last year, when unemployment fell in our country. Many companies are hindered by the weakening economic world trade. Export companies in particular notice this clearly. Production is declining in many companies and as a result there is less demand for personnel. In addition, inflation is high and wage increases are not keeping up.

 


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