ING sees ‘first signal’ that we are spending less money

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We spent less money in June for the first time since the last lockdown. ING’s economics office concluded this on Friday based on its own figures. The bank sees this as a first signal indicating that consumers could take it easy in the coming period.

ING figures show that we spent around 3% less in June than in May. The bank notes that spending in non-food stores in particular has fallen slightly. In restaurants and cafes, people are still spending “as usual”, writes ING.

The figures come the same week as statistics agency CBS reported that confidence in the economy has never been lower. This limited trust has everything to do with the increasingly expensive life. As a result, major purchases are postponed as much as possible.

Reduced payments from ING consumers may be the result. The bank itself stresses that it is there early, but says “one cannot ignore that for the first time after the last lockdown and the start of the war in Ukraine, we also see a concrete signal, which shows that the consumers can give their hand a little more, keep more on the cup,” according to ING.

Although the bank is not sure that this signal really indicates something structural, it expects the Dutch economy to experience more difficulties in the second half of this year. Skyrocketing energy bills, in particular, will leave us with less and less money left over for other expenses.

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