Denmark: Consumers more optimistic in May
May 21, 2019
Consumer confidence jumped in May, with the consumer confidence index released by Statistics Denmark increasing to 5.9 points from 3.7 points in April. Therefore, the index remained well above the crucial zero-point mark that separates optimism from pessimism among consumers, where it has been for over two years.
May’s climb was driven mainly by consumers’ more positive view of their personal financial situation and the general economic situation of the country over the next 12 months. Moreover, consumers turned optimistic about making major purchases in the future.
The uptick in May, if sustained, bodes well for private consumption going forward. This follows the weakest consumer confidence quarterly average reading in over two years in Q1, amid uncertainty surrounding Brexit and a pick-up in inflationary pressures.
Author: Steven Burke, Economist