Fra Danske Bank – læs hele analysen her:
Spending data up to and including March 17 shows massive changes in
consumption patterns in recent weeks. Notably, following the announcement on
the evening of 11 March that extensive measures to curb the spread of the
coronavirus, including a shutdown of large sections of the public sector and strong
recommendations to reduce social contact, would be put into place on 12 March.
Service and entertainment consumption is significantly down compared to
normally, as a number of service industries have been shut down completely, and
others are only open to a very limited extent, such as restaurants opening up for
takeaway.
The first wave of spending decline has been in services, but as the crisis (and the
scope of the crisis response) expands, we are starting to see reduced spending on
a number of goods, such as spending on clothing and consumer durables.
At the other end of the spectrum, spending in grocery stores is way up in the past
week. With spending almost double that of a comparable day on Thursday 12 and
Tuesday 17. These days follow major press announcements on the crisis response.
This has supported overall spending.
We will monitor developments in consumption, giving a weekly update and
expanding to other types of consumption spending where we might see an effect.
We measure spending patterns with card and MobilePay spending in stores as a
proxy for private consumption. The figures show spending in March 2020
compared to the same weekday 2019 (this is to correct for different spending
patterns across the week).
