Between 2013 and 2023, Belgium's consumer goods nominal expenditure showed fluctuating trends marked by periods of growth and contraction. The expenditure started at 99.01 thousand Euros in 2013, decreased slightly in the following year, but resumed an upward trend reaching 130.72 thousand Euros by 2023. The sharpest decline occurred in 2020, followed by a strong rebound in 2021. Recent years saw a more consistent growth, albeit with a slower rate over the past two years. The average annual increase for the past five years (from 2018 to 2023) was 4.19%.
For 2024 and beyond, the forecasted data suggests a steady, albeit slower, growth trend with an average annual increase of 1.72%. By 2028, consumer goods nominal expenditure is projected to reach 145.71 thousand Euros, signifying an 8.92% total growth over the five-year period starting from 2023.
Future trends to watch for:
- Inflation impacts on consumer spending power
- Potential economic disruptions influencing expenditure patterns
- Technological advancements and their effect on consumer behavior
- Changes in consumer preferences towards sustainable and locally produced goods