Consumer Confidence in Belgium Shows Slight Dip in August 2023

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.