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– First, we see a sharp increase despite the pandemic, where customers spend more money this year than last year.
Here’s what Ine Oftedahl, director of data transformation at DNB, says. Recent figures from the bank show that Norwegians have spent much more money during Christmas shopping this year.
– The figures follow the trends we have seen the rest of the year. The extra amount we spend is still surprising. Even during a pandemic, the cards have heated up. There is nothing here to indicate a crisis in retail, Oftedahl says.
Ine Oftedahl, DNB. (Photo: Javad Parsa)
On average, DNB clients have spent almost NOK 20,000 in the period from November 1 to December 24. This means a total increase of 15 percent compared to the same period last year. However, according to DNB, Norwegians have been aware of the pandemic and much of the purchases of Christmas gifts moved to November.
– You can see that Norwegians have gone shopping less times, but have spent more money per shopping trip.
More online shopping
Far from it all, Christmas purchases have been made in a physical store. Oftedahl says the biggest impact is in online shopping.
– Here, spending has increased enormously in percentage, especially among the elderly. Although older people buy less than younger ones online, there has been good growth among those who weren’t as used to it before.
In total, online purchases have increased by 56 percent thanks to Christmas shopping. Physical purchases still account for 85 percent in total, but shopping for Christmas gifts online has naturally declined for both young and old Norwegians:
– For the oldest age group, ages 60 to 79, online shopping is up 75 percent compared to last year, Oftedahl says.
– Billions have been released
Harald Jachwitz Andresen, director of Virke handel, says DNB’s Christmas trade figures are not surprising. He says the outlook is as expected, but apparently with even higher growth.
– Norwegians have not spent money on travel and much less on eating out, going to concerts, the border with Sweden has been closed. Therefore, a significant amount of billions has been released throughout the year.
He says Virke has calculated how much money the Norwegians have released into their wallets as a result of the corona pandemic. They came to a sum of 23 billion crowns.
– Compared to a normal year, therefore, we have spent NOK 23 billion less. Much has been moved and used here to buy goods, but not all. It also means that savings have increased, Andresen says.
Appearance: – Amazon is a ghost at heart.
Andresen says it is largely the industries that already struggled before the crown that have suffered the most during the pandemic. Point out the fashion industry, such as clothing, footwear, and cosmetics. This also confirms the figures from DNB, where the clothing and footwear trade has fallen by nine percent compared to last year.
– A good Christmas shopping is important so that the year in general ends well, says Andresen.
He emphasizes that the requirements for the retail industry tighten when online shopping challenges in-store purchases.
– It must be available to customers at all times, anytime, anywhere. With Amazon as a ghost in the background, the challenge does not diminish. Your model really tries to remove all the friction associated with retail – it should be a breeze to shop for.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
