According to the National Bank of Belgium’s latest monthly consumer survey, Belgian consumer confidence experienced a modest increase in September 2023. Here are the key highlights:
Macroeconomic Outlook Improves: Households in Belgium are showing greater confidence in the overall economic situation in the country. Expectations for the general economic situation over the next twelve months have been revised upwards, returning to levels last seen in July.
Positive Labor Market Outlook: Consumer expectations for the labor market over the next year have improved significantly, reaching a level not witnessed since July of the previous year.
Cautious Optimism in Personal Finances: However, on a personal level, households have only slightly revised their assessment of their future financial situation. This suggests cautious optimism about their own financial prospects.
Savings Intentions Adjusted Downwards: Despite the improved outlook for the general economy, households have adjusted their saving intentions downwards, following an uptick in the previous month.
Consumer Confidence Indicators (September 2023):
- General economic situation in Belgium: -13
- Unemployment in Belgium: 12
- Financial situation of households: -1
- Savings of households: 7
It’s worth noting that a decline in unemployment expectations indicates an improvement in sentiment.
The National Bank of Belgium’s consumer confidence data provides valuable insights into the sentiments and expectations of Belgian households regarding the economy and their financial well-being.
Source: National Bank of Belgium
This modest increase in consumer confidence reflects positive sentiment about the general economic situation and the labor market in Belgium, although households remain cautious about their personal finances.