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Denmark spending shifts to goods as services fall, Danske says

Danske Research found total spending excluding energy was up 4.3% year-on-year in June, while service spending declined across most categories.

Reported · Written up by our desk · Central Banks

Danske Research Team said Denmark’s consumer spending excluding energy was broadly flat month-to-month in June, rising 0.1% versus May after seasonality and price adjustments, while still showing real growth of 4.3% versus the same month a year earlier, according to FXStreet.

The report attributed the June pattern to a stronger contribution from goods spending. Real retail spending on goods rose 0.7% month-to-month after adjustments, with increases across smaller consumer goods categories and larger categories including DIY, furniture, and electronics and household appliance stores.

By contrast, real service spending generally declined across most categories. Bars and nightclubs, restaurants, and most other services saw lower real spending, and spending on tourist attractions and amusement parks fell sharply.

Danske also highlighted weaker fuel consumption amid higher prices and a shift toward electric cars. Real spending at petrol stations fell 1.6% month-to-month in June after price adjustments, and it has declined 4.8% since February.

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