The Swedish Central Bank has announced more interest rate cuts, but Swedish trading companies have low expectations for the future, according to Svensk Handel.
Future confidence is decreasing in two out of three sub-sectors, while the view on sales, profitability, and the number of employees over the next three months remains pessimistic, shows the industry organization's latest measurement.
In retail trade, expectations are increasing slightly in August, but are still considered low. Both in specialty goods trade and e-commerce, confidence in the future is decreasing.
"Households are still holding tightly to their wallets due to, among other things, high inflation and high interest costs. The fact that the Swedish Central Bank recently announced that more interest rate cuts are to be expected was positive, but we believe that the pace needs to be significantly more offensive," says Sofia Larsen, CEO of Svensk Handel, in a press release.
