From Iceland — Christmas Shopping Unaffected by Financial Crisis

Christmas Shopping Unaffected by Financial Crisis

Published November 27, 2009

Icelanders will spend as much if not more on Christmas gifts this year as in previous years, despite the cost of items in stores being significantly higher.
According to research done by Bífröst University, the cost of typical Christmas presents available in malls such as Kringlan has gone up about 8%. However, stores in this country can expect to bring in about 13.4 billion crowns (about 108 million USD), meaning each Icelander will spend about 42,000 crowns (or 340 USD) on Christmas presents. Last Christmas, that figure was 38,600 crowns.
The report also points out the Christmas shopping is beginning earlier than usual, and that more Icelanders are buying gifts from abroad and via the internet.
The report in its entirety can be read here (Icelandic).

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