The third largest outbound travel market in Europe

The Nordic Market

The third largest outbound travel market in Europe

The Nordic Market

Nordic countries represent the third largest outbound travel market in Europe and spend more money than the average European tourist on food, accommodation and attractions while on holiday. The level of income is high and a record high share of income is spent on travelling. The high spending power facilitates frequent travel and almost nowhere in the world do people travel abroad as often as the Nordic tourists. On average, around 60 per cent of the people in the region take at least one holiday each year and the numbers are increasing. Over 34 million trips abroad, with at least one overnight stay or more, are undertaken by Nordic travellers every year and spending reach above $20 billion, surpassing spending in Germany and England.

Moreover, there is a widespread tendency among Nordic travellers to have a greater focus on luxury than before. The travellers are becoming more and more experienced travellers and they search for exclusive, authentic and personalised experiences. As a result, the package holidays are being replaced by customised, individualised trips. The new travel experts, commonly described as travel designers have since years emerged on the market and know their Nordic customers’ preferences, travel patterns, preferred accommodation and what they wish to experience.

“Over 34 million trips abroad, with at least one overnight stay or more,
are undertaken by Nordic travellers every year”

Nordic companies are resolutely focused on investing in growth. With more employees in contact with customers, Nordic organisations opt for face-to-face meetings. In real terms, the organisations consider that the face-to-face approach remains a vital lever for developing their business activity in terms of both external and internal events. The region has some of Europe’s greatest proportion of business travellers and demand for meeting and event services is continuously increasing and is now stronger than for several years. The bulk is individual business, followed by conference and seminar trips, corporate events, exhibitions, editorial trips, among others. Nordic companies annual spend linked to meetings and events amounts to $2 billion.

The upward trend in market growth suggest stability, with about 26 per cent of the Nordic organisations indicating growing budgets. Travel spend has increased in all market segments and is primarily driven by mid-sized companies. The forecast for growth of real gross domestic product and private consumption in the region is optimistic and will continue to have a positive impact on the amount of leisure and business travel to foreign destinations.

“Nordic companies annual spend linked to meetings and events amounts to $2 billion”

Source: SEB Nordic Outlook, May 2018.
Subject to changes

Source: SEB Nordic Outlook, May 2018.
Subject to changes

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