Data from Danish cards suggests that spending was down 0.2% in November compared to November last year. This is an improvement from October, when spending was down 3.4% annually. Adjusting for prices and energy use, real consumption fell 6.4% in November – an improvement from -9.7% y/y in October.
If you don’t do it right, Christmas shopping goes awry both in name and in reality. Average spending at non-grocery stores fell 4.9% in the period from November 12 to December 12, compared to the same period last year.
Holiday shopping weakness continues to be most evident in home goods, with furniture store spending down 10.5%, electronics spending down 16.3% and DIY spending down 7.8% compared to last year’s Christmas shopping period. This largely reflects the increase in spending in these categories during the crisis, and compared to 2019 only the consumption of furniture is lower now in the period in question.
Apparel stores have seen holiday spending down 2.6% year-to-date compared to last year. With prices up 3.3% compared to last year, this is a dramatic drop from other sales categories. Likewise, we saw a 3.2% increase in cosmetics spending, indicating that personalized sales will continue to improve.
Even better, service consumption rose last week, with restaurant spending up 5.1% over the holiday period last year. Spending on theaters and concert halls increased by 24% and tourist attractions by 16.1%. Society is more open this holiday season, allowing for higher social spending.
Download the Full Spending Monitor