According to our data, the average travel budget across the Nordics has increased by 10.2% from 3,645 EUR in 2022 to 4,016 EUR in 2023. It certainly is a clear sign that people in the Nordics are spending more on travel. This significant increase is seen at a time with geopolitical tensions and an uncertain economy across the globe. We see this as a clear indication of the willingness to travel and optimism for 2023 and is supported by several reports in recent months from tour operators, economists, and travel and tourism associations that confirm that across Nordic countries, there is a desire to travel and explore the world further. This is also supported by several other sources, e.g. UNWTO, ETC, and WTTC whom all expect 2023 to be a year of continuous recovery for the travel and tourism industry.
Nevertheless, we see differences across the Nordics, with the biggest increase found in Sweden, followed by Norway. A slight increase in travel budget is found in Finland, while a slight decrease is found in Denmark.
Overall, the data suggest that travel is an important part of the Nordic lifestyle and economy and that people in the region are willing to spend a significant amount on exploring new places and cultures. We see increased travel budgets in nearly all Nordic countries.
The overall increase in travel budgets is driven by Sweden and Norway, whose average travel budgets increased by 33.5% and 13.0% respectively, while Finland see an increase of 1.9%. Our recent economic outlook of the Nordic countries also implies that the Nordic countries have a strong starting point going into 2023, as their economies have been less damaged by the recent pandemic than their European counterparts. This is one possible reason behind the increase in travel budgets, while another is the fact that people in the Nordics genuinely like to travel.
In Denmark, the average travel budget is expected to decrease for 2023, which is surprising as the Danish economy in general is in good shape, employment rates are very high, and there is a significant willingness to travel in the country. The exact cause is unknown; however, we speculate that it is the potential recession that has affected the average travel budget in Denmark. Still, the travel budget is high.
We see this increase in travel budgets as a clear sign of travel being a priority in the Nordics, despite geopolitical concerns and the potential risk of recession.
It is important to note that these figures are averages, and individual travel budgets can vary greatly depending on factors such as destination, type of travel, and personal preferences.