2023 was a year marked by financial challenges for many Swedes. Inflation forced households to cut costs and drain their savings. A new survey from Nordea shows that the cautious trend looks set to continue in 2024, with a focus on savings and travel.
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Food and everyday consumption
The survey, carried out by Verian on behalf of Nordea, shows that 41 percent of Swedes reduced their food expenses in 2023. Only 26 percent plan to increase their food expenses in 2024. A similar tendency is seen for restaurant visits (38 percent decreased, 17 percent want to increase) , clothing (34 percent decreased, 10 percent want to increase) and electricity costs (26 percent decreased, 4 percent want to increase).
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Focus on savings and travel
Instead of increasing consumption, we see a clear desire to save more. Almost half of Swedes (49 percent) plan to save more in 2024. Other priorities include travel (29 percent), renovation (20 percent) and paying off loans (18 percent).
Source: Nordea
– The Swedes got a worse economy in 2023. In order to cope with inflation, several households reduced their savings and had to take from savings. This year, households seem keen to resume their savings and rebuild the economy. In addition, many people want to get advice for a proper holiday trip, says Anders Stone crownprivate economist at Nordea.
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