Banque nationale de Belgique : Press release - Consumer confidence indicator (2020-10)PDF

2020-10-21

Links:

NBB.Stat

General information

Monthly consumer survey - October 2020

Consumer confidence drops back marginally in October

• The deterioration of the COVID-19 pandemic has most certainly weighed somewhat on consumer confidence, which has clearly been eroded over the survey period, that nevertheless closed before the curfew and renewed closure of bars and restaurants at national level were announced.
• Overall, the slight drop in the indicator originates from less favourable savings prospects.

All in all, over the fortnight covered by the survey (from 30 September to 15 October), consumers have not adjusted their assessment of the change in the general economic situation expected in Belgium over the coming twelve months. The fear of a rise in unemployment has subsided, although remaining at a very high level.

On the personal front, households' outlook regarding their financial situation has remained virtually unchanged. By contrast, after having risen sharply in September, their savings intentions have been scaled back.

Consumer confidence indicators 1

			Expectations for the next twelve months				Consumer
		Economic situation		Unemployment in		Financial situation		Savings of		confidence
		in Belgium		Belgium 2		of households		households		indicator
2019	October	-16	12	-2	-4	-8
	November	-14	7	-2	-1	-6
	December	-17	11	-2	-5	-8
2020	January	-15	8	-2	2	-6
	February	-17	6	3	6	-4
	March	-28	16	1	8	-9
	April	-47	60	-6	9	-26
	May	-28	70	-2	7	-23
	June	-18	70	1	13	-19
	July	-22	70	1	12	-20
	August	-38	77	-1	12	-26
	September	-20	62	2	17	-16
	October	-20	59	1	10	-17

1. As of February 2020, the survey sample has been adapted to better reflect the socio-demographic characteristics of the population. In line with the European Commission's recommendations, this change is being introduced only gradually, so as not to interfere too much with the information content of the indicator.
2. Regarding unemployment expectations, a rise indicates a deterioration while a decline indicates an improvement.

Source: National Bank of Belgium.

Note: The two extra questions on the impact of the COVID-19 crisis on households' financial situation are still being asked and the results for the month of October are given in the NBB.Stat database.

Communication	boulevard de Berlaimont 14	phone + 32 2 221 46 28	Company's number: 0203.201.340
National Bank of Belgium Ltd.	BE-1000 BRUSSELS	www.nbb.be	RLP Brussels

OCTOBER 2020

CONSUMER CONFIDENCE INDICATOR

15
			long-term
5			average
		since 1990
-5
-15
-25
-35
2012	2013	2014	2015	2016	2017	2018	2019	2020

Expectations for the next twelve months

General economic situation in Belgium

Unemployment in Belgium¹

40
20
0
-20
-40
-60
2015	2016	2017	2018	2019	2020

80
60
40
20
0
-20
2015	2016	2017	2018	2019	2020

Financial situation of households

20
10
0
-10
-20
2015	2016	2017	2018	2019	2020

Savings of households

20
10
0
-10
-20
2015	2016	2017	2018	2019	2020

¹ Regarding unemployment expectations, a rise indicates a deterioration while a decline indicates an improvement.

Communication	boulevard de Berlaimont 14	phone + 32 2 221 46 28	Company's number:
National Bank of Belgium Ltd.	BE-1000 BRUSSELS	www.nbb.be	0203.201.340 - RLP Brussels