Many people know the expensive time on their wallets. But higher interest rates and price increases do not seem to deter people from taking out their cards before Christmas. Gry Riipinen and Amilie Sjøstedt did their Christmas shopping at Herkules shopping center in Skien on Monday evening. They were by no means alone in that. They find it a little surprising that people shop as much or more than before. But after thinking for a few seconds, they have to go by themselves. – I do exactly the same thing, laughs Riipinen. Gry Riipinen and Amilie Sjøstedt look for bargains for Christmas presents. Photo: Nils Fridtjof Skumsvoll / news Friend Amilie Sjøstedt agrees. – It almost just has to be like that. Christmas presents cannot be left out. Setting new records Shopping centers all over the country notice that the money is sitting loose before Christmas. According to figures from Kvarud analysis, shopping centers in Norway experienced turnover growth of almost 5 per cent in November. Are you spending more or less money on Christmas presents this year? Using more than ever. Can’t help myself! Money? What money? This year everything is more expensive, so I’m trying to limit myself. Show result Herkules shopping center in Skien estimates that they will have a turnover record for 2023 at the end of December. From Black Friday to mid-December, the center has a turnover of NOK 196 million, which is an increase from last year of 3.1 per cent. – We are very happy about that. It ensures many good jobs here, says Bent Rosenberg, center manager at Herkules. Bent Rosenberg, center manager at Herkules shopping centre. Photo: Nils Fridtjof Skumsvoll / news – People can’t afford it, yet they shop like never before, what do you think is the reason for that? – When there are downturns, we actually experience that people treat themselves to more things, says the center manager. Farmandstreet in Tønsberg has had an increase of 3.4 per cent, compared to the Christmas shopping period in 2022. People at Christmas shopping were asked if they spend more or less money before Christmas: Madelen Bringaker It seems that people spend more money. It has become more expensive and there are sales now. Then you might go for a bang or two.Ragnar AamliI use about the same, I think. There won’t be that much of a difference. People should have Christmas presents, sort of. That’s just how it is. Carl Fritjof Bergan HolmelinI spend a little less. You don’t need to buy an awful lot. You can rather be a little sober. Charlotte BrønnumI spend more money than before. I have gone on this year. I don’t get the impression that people are broke. There is a queue in the shop, the car park is full. But it can be quite a lot on Mastercard and various others. – Want to show others that you have money The reason why many prioritize spending more money now is due to social pressure, says researcher Birger Opstad. He is an associate professor in marketing at the University of Southeast Norway. Opstad is not surprised that people shop as much or more, even though we are in expensive times. Many are fine because they give up traveling or a new car, and some have received a good salary settlement, he explains. But if the account is scrapped, it’s still not the gifts people are saving for. – You buy gifts for others, you buy things for social gatherings, you decorate a little extra outside the house, precisely to show others that you have money and are generous. Birger Opstad, associate professor in marketing at the University of Southeast Norway. Photo: Caroline Bækkelund Hauge / news According to Opstad, people save where others don’t see it. – You buy the cheap version of minced meat and chicken fillet. Products that are private and others do not see that you are buying. – Some will be able to experience a bang Virke is also not particularly surprised that people shop more before Christmas. Already in November, they estimated that we Norwegians would do Christmas shopping for NOK 133 billion this year. This is an increase of 3 per cent, compared to last year. Linn Bredesen is head of analysis at Virke. Many prioritize Christmas and take into account that there will be expenses in that connection, she says. And we spend more, but we don’t necessarily buy more for that reason. – Increased interest, a weak krone and increased costs for wages contribute to the fact that more people have found it necessary to raise prices. So even if we trade for the same amount in current kroner, it is the case that the volume falls somewhat. Linn Bredesen, head of analysis at Virke. Photo: Line Forsmo / news Bredesen still believes that there is no escaping the fact that Christmas will be tough for many households this year. – Some may be able to experience a small bang afterwards when the interest rate effect kicks in in the new year.
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