We may have gone en masse to the hardware store and garden center during the corona crisis, yet we have not managed to lose as much money there as we normally spend. In April, Dutch households saved 4 billion euros.
This is evident from figures from De Nederlandsche Bank (DNB). Our savings deposits together amounted to EUR 375 billion at the end of April. Since the beginning of 2018, not much more money has been invested than withdrawn.
Banks have noticed that consumers started to spend less last month. April was the first full month in which the Dutch could not go to cafes or restaurants and shops were closed. Many holidays were also canceled and it became clear that a serious recession is imminent. People are going to tighten the belt.
Many more savings were deposited in March. That could be due to the panic on the stock markets. People would have sold their shares en masse and put the money in the bank. More money was also withdrawn in March, ultimately saving more in April.