According to the Danske Research Team, overall consumer spending in Denmark, excluding energy, remained broadly unchanged in June compared to May, with a marginal increase of 0.1% after adjusting for seasonality and prices. On a year-on-year basis, real spending was up by 4.3% [1]. The data reveals a divergence between goods and services: real retail spending on goods rose by 0.7% month-on-month, driven by significant increases in larger consumer categories such as DIY stores, furniture stores, and electronics and household appliance stores. Spending on smaller consumer goods continued to grow modestly, while grocery spending was essentially flat in both nominal and real terms after strong growth in May [1].
In contrast, service spending generally declined across most categories in June. Although nominal spending in hotels increased, only beauty salons and barbers saw a real increase in service spending. Real spending fell in bars and nightclubs, restaurants, and most other service categories, with tourist attractions and amusement parks experiencing particularly sharp declines [1].
The report also highlights a notable reduction in real fuel consumption, as households respond to higher fuel prices and a shift toward electric vehicles. Nominal spending at petrol stations dropped by 5.0% month-on-month in June, reflecting lower fuel prices from May to June, but prices remain significantly higher than in February, before the Middle East conflict. Adjusted for prices, real fuel spending fell 1.6% month-on-month in June and has declined 4.8% since February. This trend is attributed to both higher prices and a declining number of petrol and diesel cars, alongside a significant increase in the stock of electric cars [1].
CONCLUSION
Danish consumer spending in June demonstrated resilience in goods categories, offsetting weaker service sector performance. The shift toward electric vehicles and reduced fuel consumption reflect changing household behaviors in response to elevated prices. Overall, the market impact is moderate, with goods strength supporting consumer activity despite service sector softness.