We plan to spend less money on holiday

The island of Hvar in CroatiaThe island of Hvar in Croatia.Photo Norway Today Media

Norwegian households envisages that this year’s holiday budget will be considerably tighter than last year. On average, the plan is to spend 18,702 million and prioritize more what money is spent on.
The sum is 2.700 million less compared to the plan before the summer holidays in 2015.

– That we will use 14.5 percent less in this year’s holiday, does not surprise me. We are in an uncertain economic period that makes many hold back on their spending, says consumer economist Nigel Sandmæl from DNB to news agency NTB.

The figures are from the Consumer Barometer for April, conducted by Ipsos AS DNB.
This year, one in five say – the highest percentage in a decade – that they are not going on holiday at all.

The proportion to be holidaying in Norway and abroad is also at its lowest since 2006. Only 22 percent are going on vacation at home and abroad.
That’s down from 35 percent last year
Holidays abroad are those that require the highest budget, almost 29,000 NOK on average per household. But we have become more price-conscious: Nearly 60 percent say it is important that it is cheap to eat, drink, stay and shop where we’re going. It is also important to remember that it has become more expensive to travel abroad because of a weaker krone.

– Looking at the exchange rates now compared to one year ago, the krone has depreciated considerably against certain currencies in several countries. If you have plans to spend the summer on white sandy beaches a little closer to the equator, you must expect that both the food, drink and lodging costs more. It is worth thinking about that before you book flights, says Sandmæl.

The price of the euro, Swedish krona and Croatian kuna is 11 to 13 percent higher than last year. Japanese Yen costs 20 percent more than a year ago.

– If you want to get more for your money, you should go to a “cheap” country. If it is cheaper to holiday in a country, it may be worth paying more for the flight tickets.

If you go as far as Brazil, Mexico or South Africa, the stay may be far cheaper than last year. South African Rand has for example, declined by 14 percent in one year.

 

Source: NTB scanpix / Norway Today

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