Denmark: Black Friday boosts retail momentum

Adjusting for seasonality and prices, spending excluding energy increased by 0.9% in November compared to October, supported by both higher retail and services consumption. Real spending has generally been flat throughout 2025, but recent momentum has lifted overall levels with 1.3% from the start of the year.

Real retail spending rose by 1.3% from October to November, largely driven by higher consumption of clothing, furniture and jewellery, both nominally and adjusted for inflation. On Black Friday itself, nominal retail spending excluding groceries was up 5.4% compared to last year, indicating a strong start to the holiday shopping season. In general, we saw Black Friday (and Black Week for that matter) outperform last year across spending categories, with the exception of sporting goods.

Real service spending increased steadily across most categories in November. Spending within travel and tourism performed strongly, reflected in higher consumption at hotels, travel agencies and tourist attractions. Growth in the rest of the services sector, such as restaurants and bars, was more modest but still positive. However, spending in cinemas, theatres and concerts fell sharply after significant increases in earlier months, highlighting the volatility in these sectors.

Real spending growth has begun to show signs of improvement after remaining subdued for much of 2025. Black Friday contributed to higher spending compared to previous months, and the yearly increase in real spending may indicate that households are starting to translate real income growth into greater consumption, despite continued very low consumer confidence. These developments align with our expectations of stronger consumption in 2026.

Download The Full Spending Monitor