Dutch consumer confidence has fallen for the fourth month in row, and people are more pessimistic about the economy as well as their own financial situation, national statistics agency CBS said on Thursday.

In particular, consumers are less likely to buy expensive items, such as a new car or washing machine, the CBS said. The consumer confidence index now stands at -28, compared with -26 in December.

Consumers are, however, not as negative as in the second half of 2022, when the confidence index reached a new low of -60 as energy bills soared and food prices increased.

Family spending institute Nibud said earlier this month most households will have a little more to spend this year, but the rise is modest, and pensioners and the self-employed will see their earning power go down.

“We will have a little more spending power because we expect wages to rise more quickly than prices,” Nibud director Arjan Vliegenhart said. “But if your wages don’t rise or inflation goes up further then there will be no increase.”

The minimum wage went up to €14.06 on January 1, along with the state pension and other benefits. Salaries are forecast to rise some 4.5%, and the government’s macro-economic think tank suggests inflation will be 3.2% in 2025.