”Adjusting for seasonality and prices, spending excluding energy rose by 0.6% in July compared to June, driven by both higher retail and service spending. The overall picture shows real spending has remained largely flat for most of 2025 so far, despite some significant swings in the spring and early summer. Services spending remained muted in July. This reflects real declines in holiday-related spending such as hotels, travel agencies and tourist attractions, as nominal spending holds up but prices soared – especially in packaged holidays and hotels. However, real spending on other services, including restaurants, bars and nightclubs, as well as beauty salons and barbershops, saw modest gains.”
Morten W. Langer
