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Household consumption grows by 4.5 percent in December

Consumers spend more on services and durable goods

In December, adjusted for price changes, consumers spent 7.1 percent more on services, such as telephone and internet subscriptions, insurance, a visit to the hairdresser, a restaurant or a football match, than in December 2020. The catering industry, amusement parks, theaters, Cinemas, zoos and swimming pools had to close their doors from December 19, but in December 2020 these companies were closed for the entire month. The consumption of services in December 2021 was still 10.9 percent lower than in December 2019. Expenditure on services accounts for more than half of total domestic consumption expenditure.

In December, consumers spent 5.3 percent more on durable goods than in December 2020. They spent more on clothing, shoes, home furnishings and electrical equipment in particular. Expenditure on means of transport, on the other hand, was lower than one year previously. From December 19, most shops had to close. In December 2020, the retail lockdown went into effect on December 14. There was also no click & collect system at that time; Unlike the end of December 2020, it was possible to order products online at the end of December 2021 and then pick them up in the store. In December 2021, spending on durable goods was 11.8 percent lower than in December 2019.

Consumers spent 3.4 percent more on other goods, such as gas, electricity, motor fuels and personal care products than in December 2020. Consumers used slightly more energy and spent more on personal care products. Less was spent on motor fuels than a year earlier.

In December, consumers spent 2.3 percent less on food, drink and tobacco than in December 2020. In particular, less was spent on alcohol and tobacco.

Two weeks ago, CBS reported that retail turnover was more than 4 percent higher in December than in December 2020. The sales volume was 2.9 percent higher. The turnover of the non-food sector grew by 2.5 percent and that of the food sector by 0.6 percent. These figures have also been adjusted for the composition of shopping days.

Household consumption grows by 4.5 percent in December
Source link Household consumption grows by 4.5 percent in December

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