Holiday budget tripled for Norwegians abroad

Hvar holiday budget CroatiaThe island of Hvar in Croatia.Photo: Norway Today Media

Norwegians triple the holiday budget abroad

Norwegians are prepared for a trip abroad to cost three times as much as a holiday in Norway, according to a recent survey.

 

Holiday time is, for many, synonymous with travel, and the money is a bit more loosely spent on holiday than in everyday life. Especially when it comes to holidays abroad. A recent survey from Sparebank 1 showed that Norwegians triple their spending budgets on foreign trips, compared to when we take holidays in Norway.

Norwegians who go abroad will spend an average of 25,600 kroner this year, while those who take holidays in Norway will spend 7,746 kroner.

‘The holiday budget simply increases because it often costs more to take holidays abroad. But  Norwegians are aware of this, and we are therefore prepared to spend the extra money when we take holidays abroad,’ said economist, Magne Gundersen, at SpareBank 1.

Holidays in the typical Norwegian holiday cabin

One of the reasons we spend less money on holiday in Norway, is that many of us go to the cabin (hytte). Then travel costs, and the price of living will be cheaper.

‘You don’t have to spend money on hotels, cook your own food, and swim in the lake instead of the water park. But what many do not think about is that the cabin costs quite a bit too, but its an overall price, spread throughout the year’, said Gundersen.

He also believes Norwegians spend more money abroad simply because people want to enjoy a little extra.

‘You want to enjoy yourself and not be a gnome with the euro. Also, you may want to eat all meals out, and spend money on shopping, and activities. The money is spent more loosely’, he said.

Significant increase

Holiday budgets have increased by 53% among the surveyed respondents who answered they’d go abroad this year, which is a slight increase over 2015 and 2016, when the increases were 50 and 52% respectively. 

Gundersen believes the increase this year is due to many people having experienced financial insecurity over both  work and income after the  drop in oil prices. This has led to a significant increase in Norwegians’ holiday budget this year.

‘The Norwegian holiday budget growth of 17% from last year to this year is a sharp increase, which I think can be explained by the previous uncertainty about losing the house, and we are therefore more willing to spend money on holiday and travel now,’ he said.

 

© NTB Scanpix / Norway Today

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