It went slowly for the fashion trade in July, worse than many retailers had hoped for, according to the Swedish Trade style index.
"We have long demanded that the Swedish Central Bank lower the interest rate and thereby contribute to households regaining their purchasing power. Uncertainty about the extent and pace of the Swedish Central Bank's interest rate cut makes consumers continue to hold tight to their wallets", says Sofia Larsen, CEO of Swedish Trade, in a press release.
Sales in the clothing trade increased by 1.5 percent in July compared to the same month last year. For the shoe trade, it decreased by 2.8 percent. However, adjusted for inflation, both clothing and shoe trade decline compared to the previous year.
"Our opinion is that the next interest rate decision should be a double rate cut", says Larsen further.
