Consumer confidence index in Belgium 2018-2023

From January 2018 to October 2023, the consumer confidence indicator in Belgium fluctuated significantly. Unsurprisingly, the concern about the coronavirus (COVID-19) pandemic and the Russia-Ukraine war was reflected in the confidence of consumers. Although the economic consequences are yet to be fully evaluated, in April and August 2020, the consumer confidence indicator was -26 percentage points. However, negative answers steadily outweighed positive answers from November 2018 to April 2021. It stood at -5 in October of 2023.

Consumer confidence during the 2020 sanitary crisis

The confidence indicator rests on a monthly survey, thus reflects the current confidence of consumers. In May 2022, Belgian consumers forecast pessimistically the economic situation of Belgium for the year to come. Furthermore, consumers predicted a favorable development of unemployment in 2022. The consumer confidence indicator also evaluates personal attitudes towards personal finance. Early 2020, prior to the confinement, the share of Belgian consumers who viewed their financial situation negatively increased. In May 2022, fewer consumers were optimistic about the future of their finances than in May 2021.

Consumption behaviors during the coronavirus pandemic

From May 2021 to March 2022, a decreasing share of Belgian consumers notably believed it was the right time to save money. Indeed, in March, consumers believed it was not a good time to make major purchases. Ultimately, confidence is bound to vary alongside with the consumer’s perception of the coronavirus crisis. For instance, in March 2020, sales of certain products such as hand-sanitizers or toilet paper have skyrocketed due to the public’s perception of the pandemic.