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Nordic E-commerce Overview
With a population of 27.6 million, the region consistently has a higher GDP per capita than the average for Northern Europe.
The region faces economic headwinds including high interest rates, inflation pressures, and Finland’s recession. Despite these challenges, Nordic e-commerce maintains growth, particularly in Denmark, where GDP is expected to rise 1.9% in 2024.
Despite a 6.1% unemployment rate, which is lower than 2022 rates, consumer confidence remained low in 2023 due to high inflation.
Large retailers have shown flexibility in this setting. The Swedish fashion retailer Boozt reported strong sales during the 2023 Black Friday period, with CEO Hermann Haraldsson highlighting multi-category shopping and higher average order values in Q1 2024.
Kesko’s grocery division in Finland has effectively used digital personalization and artificial intelligence to counteract consumer shifts to private labels.
Country-specific Economic Projections Differ
- Denmark is expected to lead with 1.9% GDP growth in 2024
- followed by Norway (1%) and Sweden (0.4%)
- while Finland is expected to continue to experience a recession with -1% growth
Source: Internetretailing
Revenue and Consumer Trends
Despite economic difficulties, e-commerce is growing at a robust rate. According to the report:
- Nordic e-commerce will generate $56 billion in total by 2027 in revenue
- In Denmark, 25% of online shoppers plan to increase their spending, up from 19%
- 40% of Norwegian and Danish consumers anticipate doing more grocery shopping online
- Online fashion has grown by 30%, while electronics has grown by 21%.
- With 83% of online shoppers making international purchases and 44% doing so on a monthly basis, cross-border shopping is still very popular
- Temu, Zalando, and Amazon’s Swedish are major competitors
Despite present economic challenges, the region is well-positioned for continued e-commerce growth due to its high GDP per capita and digital maturity, which includes almost universal internet access.
