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Ibiza / Spain Tourism

Norwegians’ holiday budgets on the rise

“Increased optimism is making the money a little looser,” says an expert from Nordea bank.

The average Norwegian household aims to spend NOK 24,300 (€2,553) on a summer holiday this year, a new YouGov survey says – 16% more than was planned for last year.

Commissioned by the bank Nordea, the survey shows that “Norwegians are far more optimistic about their own financial future nowadays,” comments Nordea economist Elin Reitan, as reported by Norway Today.

“Increased optimism makes the money a little looser, especially for events we prioritise highly such as summer holidays,” she adds.

She gave a warning to consumers, however, that after the summer a hike in interest rates is expected.

“It’s easy to come home to a financial ‘blue Monday’ if you don’t make a plan for your spending,” she said.

“The money can be a bit looser when we’re on vacation, and it’s easy to spend more than one’s ability to repay it. With a good budget for how much you can and will use, you can easily keep track of the use of your money.”

Flash the cash
Families planning to holiday in Norway aim to spend just NOK 12,500, while those who are going abroad will have a much higher budget of NOK 30,400.

Western Norwegians will flash the cash the most this coming summer holiday, at NOK 26,600 on average, while southerners will pay close to NOK 20,900.

The survey’s 800 respondents were asked how much they estimated their summer vacation would cost in total for their household.

However, a few months ago, a similar survey by the trade body Virke Reise, which represents around 270 travel agencies and tour operators in Norway, indicated that Norwegian households’ holiday budgets were tighter this year than last year.

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