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Saturday, May 18, 2024

Holiday spending up 8.5 percent

Norwegians are preparing to spend 8.5 percent more on their summer holidays this year than in 2010, according to a new study released by banking group Sparebank 1 – bringing holiday spending up to an average of NOK 15,700 (USD 2,906) per person.

Part of the reason for high summer spending is the continued large amount of holiday pay that people receive in the country. It is estimated that each worker receives on average NOK 43,500 (just over USD 8,000) in holiday pay each year. Nonetheless, many Norwegians surveyed plan to use their holiday money on more than just their holidays – 23 percent will use all or parts of the holiday money to pay off debts, while 30 percent will put part of the money into savings. Younger respondents in particular were keen to use the money for more than just holidays, with under-25s revealing saving as their top priority.

One of the researchers at Sparebank 1, Magne Gundersen, told news agency NTB that “good personal finance among the majority of people means that we have enough money to take a proper holiday this year.”

The news comes in spite of an increase in interest rates by Norges Bank in May, a fact that Gundersen describes as “quite surprising.” Nonetheless, the researcher added that “people have generally been careful with increasing spending despite a long period of low interest rates, so they have the means for a proper holiday this summer.”

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