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More and more households are planning to buy a car

The sentiment in the Swedish business sector has deteriorated over the past month, according to the National Institute of Economic Research (NIER). At the same time, optimism is increasing among households – with more car purchases on the horizon.

» Updated: 31 July 2024, 09:10

» Published: 30 July 2024

More and more households are planning to buy a car
Photo: Pontus Lundahl/TT

The so-called barometer indicator decreased in July by 1.4 units to 95.0.

"The decline is explained by a weaker sentiment in the service sector and manufacturing industry, while the confidence indicators increased among households and retail trade", writes KI in a press release.

The proportion of households planning to buy a car in the next twelve months increased relatively significantly.

"It is now approximately as many households as usual that plan to buy or replace a car. The proportion of households that consider it likely that they will buy a new home in the next twelve months is, however, still significantly lower than normal", writes KI.

The household confidence indicator increased by 2.9 units to 96.6. This means that households' view of the economy has brightened for ten months in a row and is close to the historical average.

Retail trade's sentiment is also somewhat more optimistic than normal. The indicator increased by 2.8 units to 101.8.

The service sector's indicator decreased by 2.8 units to 94.0, and the sentiment for the manufacturing industry fell by 2.2 units to 97.0.

As for companies' price plans for the next three months, they expect price increases at a normal pace.

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By TTThis article has been altered and translated by Sweden Herald

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