Fra Danske Bank:
Adjusting for seasonality and prices, spending excluding energy decreased by 1.2% in February compared to January, driven by lower consumption across both goods and services. Real spending excluding energy in February remained 0.3% higher than in February 2025, supported by the recovery in spending towards the end of 2025 and the beginning of 2026.
Several retail categories recorded declines in February, with DIY, sporting goods, jewellery, and furniture experiencing the sharpest drops when adjusted for seasonality and prices. The decline in DIY spending was likely influenced by the exceptionally cold February weather, which limited construction activity. Grocery store spending rose slightly by 0.2% in real terms, aided by falling food prices, while both retail and electronic goods recorded modest increases.
Real spending across the service sector generally declined in February. Spending on hotels dropped significantly, but declines in other service categories, such as restaurants, bars, tourist attractions, and cinemas, were more moderate. Notably, spending on beauty services and barbershops rose in real terms, along with airline spending, which benefited from a sharp decrease in ticket prices.
We expect February’s decline in total spending excluding energy to be a temporary setback, and that households will increasingly translate real wage growth into higher real consumption throughout 2026, supported by reduced taxes and duties. However, recent geopolitical events and higher energy prices have introduced much greater uncertainty, that could influence household spending patterns in the months ahead.
Hurtige nyheder er stadig i beta-fasen, og fejl kan derfor forekomme.
