Denmark: July spending moves sideways despite stronger services
Adjusting for seasonality and prices, total spending excluding energy was broadly unchanged in July, decreasing 0.1% compared to June. Compared to the same month last year, real spending was 3.8% higher. The headline figure covers mixed developments in real goods spending, while services spending increased across most categories in real terms.
Real retail spending rose 0.3% m/m in July after seasonal and price adjustments, supported by higher real spending on groceries, furniture and jewellery. On the other hand, real spending on clothing and shoes, home appliances and larger goods for construction and DIY projects declined. After a period of muted spending, digital goods spending appears to have regained some momentum. Lastly, while real grocery spending remains well below its 2019 level, the latest figures support the trend of higher real grocery spending observed since the end of 2025.
After seasonal adjustment, nominal spending at gas stations increased by a further 2.6% m/m in July, partly reflecting higher fuel prices from June to July. Adjusted for prices, real spending increased 1.1% m/m. Overall, nominal spending at gas stations remains significantly elevated compared to February, before the conflict in the Middle East. Real spending has declined 3.7% since February.
Service spending generally increased in July, after adjusting for seasonal effects and prices. Bars and nightclubs, restaurants and most other service categories saw higher real spending. Real spending on tourist attractions, amusement parks and cinemas rose particularly sharply. Higher cinema spending may have been driven by several large blockbuster movies being premiered in July.
Author
Danske Research Team
Danske Bank A/S
Research is part of Danske Bank Markets and operate as Danske Bank's research department. The department monitors financial markets and economic trends of relevance to Danske Bank Markets and its clients.
