Netherlands: Consumer confidence suffers biggest drop in history

The coronavirus crisis has led to a severe decline in consumer confidence in the Netherlands. According to Statistics Netherlands, consumer confidence has declined by the largest amount ever, although it is not the lowest it has ever been.

The biggest drop in consumer confidence ever

Consumer confidence in the Netherlands has suffered its biggest decline in history. It fell from -2 in March to -22 in April. “Consumers have never been as negative about the economy in the next twelve months as in April 2020,” said Statistics Netherlands. Consumers’ willingness to buy also dropped substantially from +2 in March to -17 in April, which, similar to consumer confidence, represents its biggest decline in history.

Consumer expectations for unemployment have also fallen over April. 85 percent of people asked, expect unemployment to rise over the next year, compared to 8 percent of people who expect a decline. Consumer expectations for unemployment are currently at -78.