Consumer confidence collapsed in March. The decline in the National Bank index is equivalent to the record decline in the Corona outbreak. The Russian invasion of Ukraine and sharp price increases undermined the confidence of Belgian consumers.
In February, consumer confidence was still at 1. A month later, it would be -16. The drop is the same as in April 2020, when the global Corona crisis just broke out. In April 2020, consumer confidence declined (-26).
The war in Ukraine and sudden price increases sharply undermined consumer confidence in March. This is 17 points lower, albeit the largest drop – of the same magnitude as at the beginning of the health crisis – since the index came into existence (1985) ”, according to the National Bank.
The decline is manifested in all sub-indices of consumer confidence. Some recorded the largest drop ever, for example consumers expectations of the general economic situation in Belgium. The sub-index fell from -11 in February to -47, which is also good for an all-time low.
The war and energy prices also affect the outlook for their financial situation. Families expect their financial situation to deteriorate like never before. The drop reached this month is much lower than the level at the beginning of the Corona crisis.”
The outlook for the labor market is also much lower, but the decline is less pronounced. Savings prospects are clearly weakened.
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