Norwegians spend a record amount of money on travel

Norway Today MediaSpain.Tenefife.Photo: Norway Today Media

Norwegians and Swedes are on top in Europe when spending money on travel during the summer. Swedes spend 44 percent and Norwegians spend 41 percent of their holiday budget on travel.

It’s over three times as much as Danes, who only spend 12 percent.

The figures are presented in a recent study by the Ferratum Group regarding money spent during the summer vacation. Over 10,000 households in 16 countries in Europe participated in Ferratum Group’s International Summer Barometer 2017 ™, which was conducted for the fourth consecutive year.

A clear feature of the survey is that people choose to spend more money on summer holidays than winter holidays – with a 50 percent increase in average consumption in the summer.

Generally in Europe, domestic trips are the most popular way to spend the summer at (18%), followed by social activities and shopping (13%). The least popular choice this summer is sports and leisure activities, where the survey participants say they are not willing to spend more than 5 percent of their budget.

Money spent during the summer vacation: Norway in 6th place

Even though Norwegians spend a lot of their budget on travel, we are still in 6th place when it comes to spending  money during the summer vacation. Norwegian households spend an average of 59 per cent of the monthly income during the vacation.

On the other hand, countries such as Bulgaria, Estonia, Lithuania and Latvia are the countries of Europe that spend most of their income on various holiday activities.

Consumers: We prioritize children’s activities

Throughout the summer, Norwegians spend the most money on financing children’s activities and on summer festivals. This differs from the rest of Scandinavia where neighbouring countries spend the most money on gardening and general travel at home and abroad.

Results from this year’s Summer Barometer ™ show that gardening and renovation projects at home are the first choice in Bulgaria, Denmark, the Czech Republic, France, Finland, Croatia and Estonia. English and Dutch will spend 15 and 16 per cent respectively at festivals.

This is what Norwegians spend the most money on during the summer vacation:

Financing children’s activities (16%)
Summer festivals (16%)
Shopping of summer clothes or fashion (13%)
Social activities (13%)
Attend sports event (10%)
Choosing a hotel rather than Airbnb

Airbnb’s services are most popular in countries such as; Bulgaria, Sweden, the Netherlands and France and least popular among the rest of the Nordic countries. Nordic countries usually pay more than 100 Euro, equivalent to 950 Norwegian kroner, per night in hotels, while the rest of Europe is more cautious.

3 out of 4 Norwegians use mobile banking in the summer vacation

By 2017, the number of mobile banking users is expected to reach 1 billion worldwide. 77 per cent of Norwegian households use mobile banking services during the summer vacation, only surpassed by Sweden, Poland and the Netherlands. This is almost twice as much as Denmark (44%).

Source: Ferratum Group / Norway Today