Also in September consumers to a large extent stayed away from shopping according to Statistics Sweden. The monthly indicator of household consumption was unchanged over the month and increased by only 1.2 % over the year.
The September figures were somewhat lower than we had forecast but August figures, on the other hand, were revised upwards. Looking at the full Q3, household consumption increased by a modest 0.2% compared to Q2.
However, the underlying trend is probably better since the unusual warm weather held back consumption during the summer. We see no reason to alter our rather bright assessment of households’ situation and consumption. Favorable conditions such as strong net wealth and income growth, coupled with low inflation, should support spending going forward.
Details, September
Consumption indicator, seasonally adj. m/m: 0.0% (Nordea 0.5%, prior 0.6% revised from 0.3%)
Consumption indicator, calendar adj. y/y: 1.2% (prior 2.1% revised from 1.9%)
Nordea