Netherlands: Older Generation Focused on Global Welfare, Younger Generation Faces Price Struggles

SINGAPORE, 10th April - TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of Dutch consumer behaviour, as presented in the TGM Consumer Sentiment Survey in the Netherlands 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of over 1,000 respondents aged 18-75 residing in the Netherlands.

“As we analyse the findings of our latest survey, it becomes apparent that Italians in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in the Netherlands 2024:

The survey, which sampled a diverse cross-section of the Dutch population, highlighted a deep-seated apprehension surrounding the escalation of conflicts on the global stage. According to the findings, 41% of respondents identified this issue as their highest concern. This sentiment was particularly pronounced among the 60-75 age group, with 64% expressing it.

Following closely, the second major concern among all surveyed individuals in the Netherlands is the rise in prices, as chosen by 40% of respondents. While this concern is prevalent among all age groups, it resonates more significantly among the younger demographics, signaling the challenges faced by the next generation in navigating economic uncertainties.

Amidst the mounting unease surrounding rising prices, 78% of Dutch consumers express genuine concern about the escalating costs of everyday items and anticipate a further increase in prices over the next three months. This surge in anxiety has spurred action, with 41% of respondents altering their lifestyles to cope with soaring prices. Furthermore, 49% intend to cut back on future purchases of products/services as a strategic move to cushion the blow of rising costs on their financial stability.

Notably, the impact of rising prices weighs more heavily on the younger demographic, compelling a greater number of individuals aged 18-29 to adapt their lifestyles and recalibrate their future spending plans. Conversely, seniors aged 60-75, having weathered numerous economic challenges throughout their lifetimes, appear to approach this issue with less immediacy.

Despite economic uncertainties, there is a palpable optimism regarding clothing purchases among Dutch consumers. 31% of Dutch consumers anticipate increasing their expenditure on apparel, signaling a continued interest in updating their wardrobes and embracing new fashion trends.

However, not all sectors within the fashion industry are experiencing positive growth trajectories. Our survey reveals that jewellery and accessories are experiencing a reevaluation in consumer spending patterns, with 30% of respondents expressing an intention to scale back their expenditure in this category. Notably, 10% of respondents are planning significant reductions in spending on jewellery and accessories over the next three months. This suggests a deliberate reassessment of priorities and a focus on essential purchases.

The survey findings shed light on evolving consumer behaviours and spending patterns, with 35% of respondents displaying a heightened inclination towards increased expenditure on travel. Among this group, 8% are planning to allocate significantly higher funds to travel, indicative of a burgeoning sense of optimism and pent-up wanderlust.

This surge in travel aspirations has contributed, in part, to the growth of related industries, particularly in Food and Beverage (F&B). The Dutch populace is showing a strong readiness to revitalize the F&B sector, with heightened spending intentions indicating a newfound appreciation for dining experiences. Specifically, our survey highlights that 33% of Dutch consumers are preparing to ramp up spending in restaurants, while 28% are poised to invest more in food takeout and delivery services. However, the response towards quick-service restaurants appears to be more subdued, with only 21% of respondents expressing a willingness to increase spending in this category.