Slow prices and high interest rates lead to growth for the cheap chains

The industries with the strongest growth this year are pet shops and watches. There is also strong growth for chains with a large selection of products, such as the discount chain Normal, writes Virke in one press release.

– Normal has been well positioned in the face of the increase in the cost of living, and the fact that consumers have become increasingly price conscious, says managing director Bernt G. Apeland in Virke.

The stores that have seen the greatest growth this year have been the pet store chain Musti, the car accessories chain Thansen, in addition to Normal. Apeland adds that consumers cannot afford larger investments to the same extent – what are called capital goods.

– During the animal age, consumers prioritized harder. This has particularly affected capital goods, such as building materials, furniture and white goods, he says.

Now that inflation is at a lower level, he believes the trend will reverse.

– Now we expect better times for the capital goods industries as a result of increased purchasing power and the subsequent decline in interest rates, he says.

In 2023, Norwegians traded goods worth NOK 712 billion, a growth of 5.8 per cent from the previous year. Most of the growth in trade is due to increased trade and trade abroad, although seven out of ten kroner are still left in Norwegian brick-and-mortar stores.