Danish card and MobilePay spending in September, up to and including 14 September, showed spending around normal levels. With cash spending still below last year's level, spending is around 3% lower than normal. However, strong car sales indicate good consumer activity in Denmark.

In retail, the first week of September showed some weakness, with spending in clothing and shoe stores declining last week.

Home improvement spending also weakened, along with spending in furniture stores. However, we expect these to increase in October, as we believe the payout of potentially over DKK30bn in holiday back pay to Danish consumers is likely to lift consumption in these categories significantly in Q4.

Spending in restaurants declined last week, driven largely by weaker spending in bars and nightclubs, as opening hours were restricted again. As further restrictions on opening hours – not only for bars and nightclubs but also for more traditional restaurants – will take effect this week in some urban areas, we expect to see a noticeable weakening.

Travel-related spending remains very low at around 75% below normal levels. We do not see any indication of increased travel activity in the autumn.

As more Danes are working from home and more restrictions are imposed on restaurants and nightlife, we expect spending to come down over coming days and weeks. However, we do not expect anywhere near the same effects as in lockdown.

Download The Full Spending Monitor

This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector.
This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange.
Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD challenges weekly lows after mixed Durable Goods Orders

US Durable Goods Orders were up a measly 0.4% in August, missing expectations of 1.0%, although Nondefense Capital Goods Orders ex Aircraft jumped 1.8%. Equities bounce from lows, but the dollar maintains its strength.

EUR/USD News

GBP/USD loses 1.2700 as the dollar keeps rallying

GBP/USD approaches its weekly low at 1.2674 as demand for the American currency extends into the final trading session of the week. Hopes for a UK trade deal with the EU doing little for Sterling.

GBP/USD News

Gold: Finally some rest bite as XAU/USD holds at $1865 per ounce

It has not been the best week for the gold bugs as the yellow metal has fallen 4.36% since Monday. At the end of the week, the price has started to consolidate at the USD 1865 per ounce area. 

Gold News

Breaking: ​​​​​​​The IRS makes it hard to pretend you don’t have Bitcoin

The cryptocurrency holders might have a hard time trying to hide their Bitcoins or other digital assets. IRS considers changing the standard 1040 form by including a bold question on the front page:  At any time during 2020, did you sell, receive, send, exchange, or otherwise acquire any financial interest in any virtual currency? 

Read more

WTI moves back to flat and once again trades above $40 per barrel

It has been a mixed Friday for WTI as the price is moving sideways heading into the weekend. All of the excitement was last week when the OPEC+ JMMC decided to keep output levels at their current rate until December.

Oil News

Forex Majors

Cryptocurrencies

Signatures