Spending Monitor

Danish consumer spending rebounded in May 2026, with a 1.5% increase in non-energy expenditure despite continued energy headwinds. Growth was broadly based across retail goods and services, excluding travel-related sectors affected by rising costs.

Key Takeaways

• 1.Spending excluding energy rebounded 1.5% in May, showing that high energy costs have not cannibalised other consumer spending despite sentiment headwinds from the Iran war.
• 2.Retail spending rose 1.6% m/m in May across all goods categories, with notable strength in smaller consumer goods like clothing and groceries.
• 3.Real spending on travel-related services such as airfares and travel agencies declined due to rising energy prices.

Table of Contents

• Spending rebounded in May despite energy headwinds
• Spending excl. energy is trending slightly upwards
• Notes on the spending data
• Real y/y spending growth positive after weak April
• Analyst
• Assistant Analyst
• Nominal and real changes in monthly spending
• Strong boost to real clothing spending in May
• Shoe store spending reverse after April drop
• Spending in sporting goods stores rose sharply in May
• DIY store sales rose further in May
• Y/y spending growth was sharply higher in May than in April
• Furniture spending rose slightly in May
• Real y/y spending growth in furniture stores back in positive territory in May
• Spending in electronic and household appliance stores up in May
• Real y/y spending growth in electronic and household appliance stores declined sharply, but remains historically volatile
• Real digital goods spending reversed the recent declining trend in May
• Digital goods y/y spending growth remains strong but has lost momentum recently
• Real jewellery store spending rebounded strongly in May
• Real y/y jewellery spending rose in May but remains below its May 2025 level
• Nominal spending at gas stations rose as prices increased further
• Nominal gas station spending much higher than May last year
• Restaurant spending picked up momentum in May
• Real y/y restaurant spending growth positive
• Nominal hotel spending rose in May
• Y/y hotel spending growth is historically very volatile
• Real spending in bars and nightclubs rose in May
• Real y/y spending growth in bars and nightclubs rose further in May
• Real airlines spending declined further in May
• Real spending in travel agencies declined in May
• Slightly higher real spending in beauty and barbershops in May
• Real y/y growth plummeted in May, driven by sharply increasing prices
• Real y/y travel spending growth was also weighed down by rising prices in May
• Y/y growth in beauty and barber shops is down
• Real spending in tourist attractions rose again in May, after seasonal adjustment
• Y/y growth in tourist attractions spending is very affected by timing of holidays and is historically volatile
• Real cinema spending rose in May, when adjusted for seasonal effects
• Positioning growth in real y/y cinema spending in May
• Spending in theatres and concerts has been historically volatile, but remains much higher compared to 2019
• A return to real y/y spending growth in May
• Nominal changes in monthly online and offline spending
• Disclosures

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