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Tuesday, June 18, 2024

Norwegians spend billions on gifts

New figures compiled for Nordea Bank show that Norwegians collectively spend nearly NOK 50 billion a year on gifts, with nearly NOK 15 billion of that on gifts for children’s birthdays.

The figures, based on a survey by research firm Synovate, also showed that the amount spent by Norwegians on gifts is actually twice the amount assigned to what most of those questioned thought they spent. While Norwegians annually spend around NOK 31.3 billion on gifts excluding Christmas shopping, those questioned in the survey answered that they thought they used an amount that resulted in a collective figure of NOK 15.9 billion.

The survey reported total spending of NOK 49.3 billion (USD 8.96 billion), with NOK 14.9 billion used on birthday gifts for children and NOK 14.4 billion on Christmas gifts.

Grandparents, perhaps not surprisingly, had the largest gift budget, spending an average of NOK 13,000 per year on gifts to their grandchildren. Nearly half of all parents with children aged seven to 12 said they bought around 11 presents or more for children’s birthdays each year.

“This is an enormous amount going for gifts,” Christine Warloe, consumer economist in Nordea, told news bureau NTB. “The paradox is that we Norwegians in fact use nearly double as much money as we think on gifts. That says something about how important it is to have an overview of what we’re spending money on every day.”

It remains unclear whether the figures indicate a large degree of generosity in Norway, even though Norwegians generally rank high as donors to various humanitarian causes and historically have been among the biggest donors per capita to the United Nations. Nearly 48 percent of those questioned, according to the survey, said they thought they spent too much money on gift-giving.

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