Dutch Consumers Keep Spending Despite Plunging Confidence

Despite consumer confidence in the Netherlands falling to near-record lows due to geopolitical tensions, ING transaction data reveals that actual spending remains resilient across both essential and discretionary categories.

Key Takeaways

• 1.Dutch consumer confidence fell sharply to -44 in April 2026 due to the Middle East conflict, nearing all-time lows.
• 2.Actual transaction data shows spending remains resilient, with no material pullback in discretionary or essential categories despite the sentiment dip.
• 3.Spending growth in March accelerated, aided by mild weather in categories such as fashion and recreation.

Table of Contents

• Consumer confidence has dropped near all-time lows on Middle East war
• Confidence close to record lows
• Consumers have not changed spending patterns - yet
• No material negative impact on spending for now
• No drastic cuts to discretionary spending
• Spending patterns relatively unchanged compared to previous years
• Muted spending ahead but no cliff edge decline
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