Retail industry in Norway - statistics & facts
Norway’s prosperous economy is usually associated with the country’s vast natural resource deposits and their responsible management. Another significant part of its economic environment, however, is the wholesale and retail trade sector, as a rise in sales has led to the founding of many new companies and doubled employment in the past 20 years. Despite recent declines the number of enterprises in the Scandinavian country has remained consistently above the 20-thousand mark.
Due to its proximity and shared border, many Norwegians engage in cross-border shopping by making daytrips to Sweden. In 2022, Norwegian residents spent nearly six billion Norwegian kroner on shopping in Strömstad, a Swedish city right next to the shared border. However, Norwegians do not limit themselves to the Scandinavian peninsula and in the same year they spent around 280 million Norwegian kroner on shopping in other countries.
Scandinavian pragmatism is still alive and well in Norway, from responsibly managing natural resources, to choosing the best product when shopping. Perhaps one of the main drivers behind Norway’s developed economy is its people’s resourcefulness and using their surroundings and knowledge to make the most informed purchases.
Where Norwegians shop
As a member of the European Economic Area, Norway applies the EU’s regulations on free movement of trade, persons, services and capital. As of 2022, Norway’s largest and most important export partner was Germany, closely followed by the United Kingdom. Both countries together accounted for nearly half of all Norwegian exports.Due to its proximity and shared border, many Norwegians engage in cross-border shopping by making daytrips to Sweden. In 2022, Norwegian residents spent nearly six billion Norwegian kroner on shopping in Strömstad, a Swedish city right next to the shared border. However, Norwegians do not limit themselves to the Scandinavian peninsula and in the same year they spent around 280 million Norwegian kroner on shopping in other countries.
How Norwegians shop
Despite falling from its peak in October 2022, inflation in Norway still remains high compared to pre-pandemic times. As prices are not dropping anytime soon, Norwegians aim to choose carefully what they spend their money on. In 2023, over 60 percent of consumers in Norway shared that they scoured the Internet for reviews, delivery information, and even compared prices of products before buying them. While some took their shopping seriously, others used it as a form of entertainment, better known as “retailtainment”. Almost two in five Norwegian shoppers admitted that sometimes they like to browse stores just for fun in 2023.Scandinavian pragmatism is still alive and well in Norway, from responsibly managing natural resources, to choosing the best product when shopping. Perhaps one of the main drivers behind Norway’s developed economy is its people’s resourcefulness and using their surroundings and knowledge to make the most informed purchases.
