“Adjusting for seasonality and prices, spending excluding energy decreased 0.8% in December compared to November, driven by lower retail and services consumption. Real spending began the year on a downward trend but picked up during the summer, with recent momentum giving a total growth of 1.9% from 2024 to 2025. Real retail spending fell 0.6% from November to December, reflecting lower consumption across most goods categories, with only sporting goods recording slight growth in real terms. Overall, nominal spending fell by 0.9% m/m, more than real spending, with part of the real decline offset by falling prices. However, higher Black Friday spending in November may have offset some goods expenditure in December, as a lot of holiday shopping was moved forward. When including Black Week as part of the Christmas period, nominal Christmas spending – i.e. retail sales excluding groceries, 1.9% higher in 2025 compared to 2024.”
Morten W. Langer
