Denmark: Cautious consumers limit spending growth in April

Adjusting for seasonality, spending ex. energy grew 0.2% in April compared to March. The increase is, however, erased, when adjusting for April price increases. Y/y growth figures are very high across the board, but that is attributed to Easter falling in April this year, compared to March last year. This is largely handled by the seasonal adjustment, but it is far from perfect, which is especially clear when using price figures for holiday related services, such as hotels and airlines.

In general, data for services have softened a bit in 2025, with both nominal and real growth in restaurant and nightlife spending stagnating or even coming down. Data on holiday related spending is more challenged by price adjustments but have also shown signs of weakness in nominal spending.

In retailing, spending has generally moved sideways in real terms, though with a slight uptick in real grocery spending in April, and slightly higher spending in cosmetics stores. Spending in DIY stores had a big pick up in April, but that is likely due to Easter distortions that are not fully accommodated by the seasonal adjustments made.

Overall, spending has been far from impressive recent months, despite rising real income and continued strength in both the housing and the labour market. Considering that global turmoil has send consumer confidence down to financial crisis levels, it does, however, seem to be holding up well.

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