Today’s news / High wages spur Danish clothing sales
Retail sales have been on a bit of a roller coaster in recent years. Overall, sales fell through 2022, where inflation was unusually high. During 2023, retail trade regained some momentum as inflation fell. (File photo). Photo: Mads Claus Rasmussen/Ritzau Scanpix

High wages spur Danish clothing sales

February saw a 2.2% rise in Danish retail sales, influenced by the highest wage increases in 15 years, boosting consumer spending, particularly in clothing, which went up by 3.9%. The report by Danmarks Statistik takes into account price, seasonal, and trading day adjustments. Following a downturn in 2022 due to high inflation, retail gained momentum in 2023 with stabilizing prices. A robust labor market and calm inflation are favorable for retail, as suggested by Jeppe Juul Borre from Arbejdernes Landsbank. Tourism and the recent uptick in the housing market also stimulated sales, notes Morten Granzau from Dansk Industri. Food and other consumer goods sales also increased. However, the statistical uncertainty of February’s data is above average, and a review of past data revealed a greater decline in December and January sales than initially reported.