Household consumption decreased by 0.1 percent in May 2023 compared to April 2023, in seasonally adjusted terms. Compared to May 2022, household consumption declined by 1.1 percent, measured in calendar-adjusted figures and constant prices. Over the past three-month period, consumption decreased by 1.7 percent in constant prices and calendar-adjusted terms compared to the same period the previous year.
The industry group that negatively affected household consumption was primarily Furniture, Furnishings, Household Equipment, and Consumables, which decreased by 11.3 percent in constant prices compared to the same period the previous year.
The industry group that positively influenced household consumption was primarily Transport and Retail Trade with Motor Vehicles and Motor Vehicle Services, which increased by 5.1 percent in constant prices compared to the same period the previous year.
The data for May 2023 is preliminary. Since the last publication, household consumption in April 2023 compared to March 2023 (in seasonally adjusted terms) has been revised downward by 0.4 percentage points to an increase of 0.8 percent. Consumption in April 2023 compared to the previous year (in calendar-adjusted terms) has been revised downward by 0.8 percentage points to a decrease of 0.8 percent.
Considerations: In the current situation of price increases, consumers may change their consumption patterns and refrain from purchasing goods that have increased in price, opting for cheaper products instead. In the household consumption statistics, there is a risk that the constant-price index figures are slightly underestimated. This may particularly apply to the industry group Retail Trade with Broad Assortment, Mostly Food and Beverages, but could also apply to other industry groups.