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Sweden’s June retail sales disappointed strongly, falling 1.8% m/m, notes the research team at TD Securities.

Key Quotes

“Statistics Sweden provides few details on the breakdown, but food sales were down about half a percent in the month, while durables were down nearly 3%. This pattern is similar to that in the UK (though the net effect in Sweden is much weaker), with shoppers distracted by warm weather and football.”

“As a result, they spent on food (and bars and restaurants), but spent little time in shops in the month. That likely means the effect was relatively temporary, though with warm weather continuing through July, it might be a couple of months until we see the full extent of the rebound.”