Household consumption in Sweden showed a positive trend in July 2023, according to fresh data from Statistics Sweden (SCB). Here is a summary of the key findings:
- Increase of 0.5 percent: In seasonally adjusted terms, household consumption increased by 0.5 percent in July 2023 compared to the previous month, June 2023.
- Year-on-year comparison: When comparing with the same month the previous year, July 2022, household consumption increased by 0.4 percent. This comparison was made using calendar-adjusted figures and constant prices.
During the latest three-month period, consumption decreased by 1.0 percent in constant prices and calendar-adjusted figures compared to the same period the previous year.
The industry group that positively influenced household consumption was primarily “Recreation and Culture,” goods, and services, which increased by 3.0 percent in constant prices compared to the same period the previous year.
The industry group that negatively affected household consumption was mainly “Housing, Electricity, Gas, and Heating,” which decreased by 2.2 percent in constant prices compared to the same period the previous year.
The data for July 2023 is preliminary. Since the last publication, household consumption in June 2023 compared to May 2023 (in seasonally adjusted terms) has been revised down by 0.1 percentage points to a decline of 0.2 percent. Consumption in June 2023 compared to the same month the previous year (in calendar-adjusted terms) has not been revised.
Considerations: In the current situation of price increases, consumers may change their consumption patterns and refrain from purchasing items that have increased in price, opting for cheaper products instead. In the statistics on household consumption, there is a risk that the fixed-price index figures are slightly underestimated. This may apply especially to the industry group “Retail with a wide range, mainly groceries and beverages,” but could also apply to other industry groups.