Spending Monitor January 2026

Danish consumer spending started 2026 on a solid note, with real spending excluding energy rising 1.0% m/m in January.

Key Takeaways

• 1.Real spending excluding energy increased by 1.0% in January 2026 compared to December 2025, primarily driven by retail consumption.
• 2.Total real spending rose sharply as total CPI dropped by 0.6% m/m following the removal of electricity duties.
• 3.Retail categories like clothing, sporting goods, and electronics saw growth, while grocery real spending declined due to a return to positive food inflation.

Table of Contents

• Higher January spending marks a solid start to 2026
• Real spending excl. energy increased in January, adjusted for seasonal patterns
• Notes on the spending data
• Real y/y spending growth of 2% in January
• Nominal and real changes in monthly spending
• Real spending in clothing stores ticked up slightly in January
• Spending in sporting goods stores increased sharply in January, due to surprisingly high spending for the season
• Real y/y spending growth back in positive territory in January
• Shoe spending growth has been negative for over a year
• Y/y spending growth in sporting goods stores back in positive territory
• Slight real growth in January spending in DIY stores
• Real furniture spending continued to decrease in January
• Real spending in electronic and household appliance stores increased slightly in January
• Real y/y DIY spending growth increased slightly in January
• Real y/y spending growth in electronic and household appliances stores back in positive territory in January
• Real digital goods spending continues its growth in January and remains at record high level
• Real hotel spending continued sharp increase in January
• Spending in bars and nightclubs increased in January
• Real airlines spending continued to decrease in January
• Real spending in travel agencies declined slightly in January
• Slight decline in real spending in beauty and barbershops
• Real spending in tourist attractions increased marginally in January, after seasonal adjustment
• Nominal changes in monthly online and offline spending
• Disclosures

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