The National Bank of Belgium (NBB) has released its monthly consumer survey for August 2023, indicating a modest decline in consumer confidence compared to the previous month.
Despite the marginal drop, the consumer confidence indicator remains close to its long-term average. The assessment of households regarding the macroeconomic outlook has taken a less optimistic turn, primarily influenced by concerns about the economic situation in general and changes in unemployment prospects.
Key Points:
- Economic Outlook Concerns: Respondents expressed less favorable expectations about the overall economic situation in Belgium for the next twelve months, contributing to a dip in consumer confidence.
- Unemployment Worries: Perceptions of unemployment in Belgium also impacted consumer confidence, as respondents showed heightened concerns about potential job losses.
- Steady Financial Assessments: On a positive note, households’ evaluations of their own future financial situations remained consistent with the previous month, showing no significant change.
- Stronger Savings Intentions: Households displayed a positive shift in their savings intentions, suggesting an inclination towards increasing their savings despite the mixed economic outlook.
The Consumer Confidence Indicators for August 2023:
- General economic situation in Belgium: -17
- Unemployment in Belgium: 20
- Financial situation of households: 0
- Savings of households: 11
Although the dip in consumer confidence suggests some apprehension about the economic future, it is noteworthy that households’ individual financial outlook remains stable, with an increased emphasis on saving.