Every number is a confession. Especially when it pretends to be neutral. Take this one: -32. That’s where Dutch consumer confidence landed in July. Better than June’s -36, but still buried deep beneath the waterline. Now, before we rush to interpret that as “less bad,” let’s do what few are willing to: ask why.

Because -32 is not just a statistic. It’s a signal. A flicker in the collective psychology of households navigating inflation, elections, global tremors, and the very personal tension between “Can I?” and “Should I?”

Let’s walk through this number, not around it.

Consumer confidence isn’t recovering. It’s holding its breath.

The Dutch have been gritting their teeth since late 2021, when optimism began to erode month by month. By September and October 2022, sentiment hit rock bottom at -59, the lowest level ever measured since CBS began in 1986. And while we’ve “improved” since then, hovering between -29 and -39 for the past year and a half, we’re still swimming far below the -10 twenty-year average. That’s not fluctuation. That’s structural caution.

The July figure of -32 tells us we’re less afraid than we were in June. But we’re still afraid.

We’re not leaping toward opportunity, we’re retreating slower.

Economic climate: less grey, not yet clear.

In July, the sub-indicator for the economic climate moved from -58 to -52. That’s six points of breathing space, mostly due to slightly less negative views about both past and future macroeconomic performance.

But don’t confuse “less negative” with optimism. This is a recalibrated gloom, shifting from storm to drizzle. A sense that “the worst may be over,” not that “the best is coming.”

And this matters. Because confidence doesn’t only reflect the economy, it shapes it. Consumer belief is economic infrastructure. When trust dries up, so do investments, purchases, and long-term plans.

Willingness to buy: still weak, but crawling forward.

The most human of the indicators, koopbereidheid, or willingness to buy, improved slightly from -21 to -19. In plain terms, people feel a little less bad about their finances and a little less scared of making big purchases.

Why? Possibly because inflation has cooled, job markets remain stable, and central banks have stopped raising rates (for now). But again, this is relative, not a recovery, but a pause.

Think of this indicator as the pulse of household ambition. And right now, it’s faint. Alive, yes. But far from thriving.

The emotional logic behind -32.

Let’s set the metrics aside and speak plainly.

When consumer confidence sits at -32, we are not dealing with a mere opinion on the economy. We are witnessing a trust crisis with many faces:

• The political face, shaped by volatile coalitions and debates about redistribution, migration, and sovereignty.
• The economic face, etched with scars from inflation, energy shocks, and a housing market that rewards ownership and punishes aspiration.
• The digital face, where AI brings both promise and paranoia, and many wonder what tomorrow’s job, or regulation, will look like.
• The existential face, where every euro spent today carries the weight of “What if?” tomorrow.

This number tells us that the Dutch consumer is not panicking. They are waiting. Observing. Cautiously conserving. It’s the posture of someone who still has choices, but fears those choices may soon narrow.

What entrepreneurs should read between the lines.

If you lead a business, these numbers are not background noise, they are market psychology in motion. And they affect:

• Your pricing power: expect hesitancy on anything deemed “non-essential.”
• Your sales cycles: longer, more comparative, and more driven by trust.
• Your messaging: clarity, transparency, and real value will outperform flashy promises.
• Your staff: even your team is a consumer, shaped by the same news, fears, and mood swings.

This moment demands strategic calm. Not optimism for its own sake, but preparedness grounded in realism.

Final thought: confidence is a public good.

Confidence, like clean air or judicial fairness, is something we all help create. Government, business, media, and households. It is built not just through policies and data, but through shared narrative. People need to feel seen, not sold to. They need to be informed, not infantilized.

And if we want -32 to become -10, or better, then we need a new language of trust. Not naïve. Not utopian. But brave enough to name discomfort without feeding despair.

The numbers may whisper. But it is our job, as entrepreneurs, leaders, and citizens, to listen loudly.