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MONEY

Danish stores got surprisingly busy on Black Friday

Online and retail trade in Denmark has recently experienced a tough few months, with consumer confidence in the economy at a record low and declining sales. But on Friday, the pessimism apparently subsided.

Black Friday
Black Friday turned out to be a huge success in Denmark this year. Photo by Ashkan Forouzani / Unsplash

Both online and brick-and-mortar stores registered surprisingly good sales numbers, according to what Niels Ralund, director of e-commerce at Dansk Erhverv, told the news agency Ritzau.

“We believe that Black Friday was roughly (at) the same (level) as last year, and that is actually quite good.

“Toys have done fantastically well, books have done badly, and electronics are at the same level as last year,” Ralund added.

The payment service MobilePay also reports a lot of traffic on Black Friday.

“We ended up with a solid record day for MobilePay on Black Friday… However, the first four days of Black Week were at an even higher level because the stores have been very aggressive with good offers,” Lars Green, the commercial manager for MobilePay Online, stated in a written comment.

On Friday, goods worth a total of 881 million kroner were purchased via MobilePay in Danish stores, making the total purchase volume 19 percent higher than on Black Friday last year.

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PROPERTY

Number of homes for sale in Denmark up 30 percent in 2022

After a period with low numbers of homes for sale, 2022 offered a lot more to choose from for buyers in Denmark.

Number of homes for sale in Denmark up 30 percent in 2022

New data from banking organisation Finans Danmark show that the number of houses for sale across the country is around 31 percent higher than it was a year ago.

This represents the largest influx of homes onto the market for 16 years, economist Brian Friis Helmer of Arbejdernes Landsbank told news wire Ritzau via written comment.

“The many extra ‘for sale’ signs come as a result of interest in buying houses drying out notably during the course of the year, as the housing market began to experience a headwind,” he said.

Higher interest rates in particular have dealt a blow to the market, he said.

Around 36,000 detached houses, terraced houses and apartments were for sale at the end of 2022, according to Finans Danmark.

The number of homes on the market is now at its highest for two years, Helmer said.

“But that comes from a point where it was at its lowest since 2006,” he also noted.

The price of a new home or flat has meanwhile fallen for the fourth consecutive month.

Copenhagen and its surroundings in particular have seen a sharp jump — the number of owner-occupied flats on the market has leapt nearly 70 percent in the last year.

But it’s not all roses for the would-be home buyer in Denmark. Higher interest rates make it more expensive to finance home loans, Helmer noted. 

“There are handles at both ends of the rope and the overall package for home buyers is therefore not better measured over all parameters,” he wrote.

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