Fra Danske Bank Spending Monitor:
The tendency for more moderate online sales was seen across retailing, with spending in online clothing stores coming down from 150% above normal before the reopening in February to 54% now. At the same time spending in physical clothing stores seems to have stabilised around 20-25% below normal, as we await the reopening of department stores and malls.
This week the Government proposed a plan for further reopening of the economy, starting with hairdressers, massage palours and the likes on April 6, expanding to include department stores and outdoor service in restaurants on the 21st of April.
So far encouraging to see how fast consumers have returned to normal behaviour, and despite the fact that there will be extensive restrictions in place for the reopening, we expect the Danes to increase consumption significantly through April and May. This is further aided by the payout of an estimated DKK bn. 20-22 in holiday back-pay starting next week.
