Norwegians to spend 50 billion on summer holidays

A Nordea survey has estimated that Norwegian families will spend an average of over 21,000 each on summer holidays this year, a little more than they did last year; in total, almost 50 billion.

‘After Norwegians cut holiday budgets by over 10% last year, this year we’ll increase consumption by almost a thousand kroner per family.

However, the money spent is still lower than we saw in the years leading up to 2016’, said consumer economist, Elin Reitan,at Nordea.

The survey was conducted by the polls institute YouGov. It showed that people in Oslo plan on spending the most, almost 25,000 per household. In Western Norway, holiday budgets are just over 19,000.

‘Job security, and expectations for one’s own economy are the driving force for spending. The fact that holiday spending is now rising is a sign of increased optimism,’ said Reitan.

More than half of those who responded are going abroad. Reitan noted that the weak krone rate makes travelling abroad more expensive than it was a few years ago.

 
Source: NTB scanpix / Norway Today