Retail trade volume fell by 3,6%. from November to December 2022, results from seasonally adjusted data. That's after an increase of 0,8 percent from October to November.
New data from the trade in goods index indicate a seasonally adjusted decline in retail trade in December.
– December is usually a month of declines for retail trade in recent years. That's because more and more Christmas shopping falls in November, when special deals like Black Friday and Black Week come in, says senior advisor Anders Falla Aas.
In most retail sectors, the volume of seasonally adjusted turnover decreased from November to December. Electronics and grocery stores contributed the most to the overall decline. Sports and furniture stores also contributed to the decline in this period.
Purchasing power, rising prices and rising costs
– Decreased purchasing power due to the increase in prices and costs is also a factor that, of course, could have contributed to the decline in retail trade in December – adds Anders Falla Aas.
High prices contribute to lower turnover
The calendar-adjusted value indices for December 2022 are at the level of the corresponding month of the previous year, with a decrease of 0,5 percent. for retail. By contrast, calendar-adjusted volume indices are down 7,7 percent compared to the same month last year.
– This means that in December this year, about the same amount of money was spent on trade as last year. However, the increase in prices meant that we got less for our money. So the volume is reduced, says Anders Falla Aas.
Strong growth in car sales
Both unadjusted value and volume ratios point to a strong increase in motor vehicle sales in December. This is in line with the number of new car registrations, which also saw a big increase from November to December, reaching a record high this month.
A clear increase occurred just before the introduction of VAT on electric passenger cars on January 1, 2023 and a separate weight component in the one-off tax on passenger cars.
Growth for both Eurozone and Norway in November
Data from Eurostat, the EU's statistical office, showed that in total euro area countries from October to November 2022, there was an increase in the volume of seasonally adjusted retail sales by 0,8%. Data for Norway over the same period also showed an increase of 0,8 percent. Neighboring Sweden saw an increase of 2,3%, while Denmark increased by 0,6%. from October to November.
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Source: Statistics Norway
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