Danske Research Team
Danske Bank A/S
Danish card and MobilePay data, up to Monday July 19th is around 7% above 2019 level for this time of the year. That means spending has come somewhat down relative to 2019 over the last month. Overall, total spending continues to look strong, though, supported by a continued elevated goods consumption.
Online spending was 22% above normal in the recent week, whereas spending in physical stores was up 3% compared to the same week of 2019.
Staycation is visible in the data, as particularly DIY spending has been strong through July. That said, we are currently witnessing solid spending in both restaurants and tourist attractions and it seems the Danes are demanding many of the same things on their holiday in Denmark as when spending it abroad.
The otherwise remarkable comeback to airline and package holiday spending has halted over the last few weeks, likely affected by the good summer weather at home and worries about the delta variant. We might see a comeback over the coming month when payments for autumn trips are due.
Retail spending remains elevated particularly due to a continued very large electronics demand. Overall, we have seen a decline in home-related spending, though, also mirroring the declining interest for housing we are witnessing now. We are seeing signs of normalisation across spending on furniture and paint shops with furniture spending declining to 2019 levels this week.
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