The desire to spend money on travel, and major purchases is increasing among Norwegians,but the differences between those with high and low income increases.
Optimism is rising among Norwegians across the country, both in terms of the country’s economy, and private economy. More and more say that they are considering larger purchases, or spending money on travel, according to the forecast barometer, prepared by Finans Norge and Kantar TNS each quarter.
Larger income gap
Not surprisingly, those with the highest education and highest income are the biggest optimists.
However, the background figures in the survey show that the difference in future confidence between those with high and low incomes is about to increase.
“It’s worrying. When those with lower education and lower incomes look less optimistically at the future, it must be seen in conjunction with increasing digitisation and conversion. This indicates that those with the highest education feel most well-equipped for changes in working life”, said CEO, Idar Kreutzer of Finance Norway to NTB news agency.
Real wage growth has remained stable in recent years, which according to Finans Norge’s analysis means that people have maintained their levels of consumption. Optimism, the travel list, and the desire to make larger purchases now increasing can be explained by the krone exchange rate having been weaker compared to the dollar and euro when the measurement was taken in the previous quarter.
It is the travel indicator that rose the most compared to the previous quarter. The travel list is now back at the same level as before the oil price drop. One has to return to the time before the financial crisis, in the first quarter of 2008, to find a similar travel list.
Also the main indicator of the survey, where five different parameters are merged, shows an optimism that has not been as high since the 2014 oil price collapse.
“This is a strong signal that optimism is broadly rooted throughout the country,” said Kreutzer, indicating that especially Trøndelag and Northern Norway stand out with a sharp increase from the previous quarter.
© NTB Scanpix / #Norway Today