The NBB’s Consumer Confidence Indicator as a Tool to Monitor the Impact of the COVID-19 Crisis on Households

The National Bank of Belgium has been conducting a monthly consumer survey for many years now. This survey, with its general scope, has proved very useful in the context of the current crisis, as the movement in the confidence indicator closely mirrors the different phases of the COVID-19 crisis. From April, the Bank also took advantage of the survey to ask consumers two additional questions: one on the loss of income due to the crisis and the other on the savings buffer available to get through the crisis. This article focuses on these two questions, highlighting how different population groups may vary in their exposure to the crisis.