Spending increased by 24 percent during pre-Christmas period

Pedestrians outside Viru Keskus shopping center.
Pedestrians outside Viru Keskus shopping center. Source: Siim Lõvi /ERR

Card payments show transactions increased by 24 percent in Estonia in November and December compared to last year, data from Swedbank shows.

Swedbank economist Tõnu Mertsina told ETV's current affairs show "Aktuaalne kaamera" on Tuesday there are several reasons for this. "One is strong wage growth, more confidence. Another of the reasons is definitely money from the second pension pillar," he said.

Enel Koik, marketing director of Kaubamaja AS, said shopping started early this year, even as far back as October, and there was no pre-Christmas rush.

"If we look at Christmas shopping now, we can actually say that it reflects a greater economic security as well as responsibility," he said. "People thought about what they needed early on."

The most popular gifts were home appliances, such as hairdryers, Koik said.

Joosep Saad, head of the purchasing department at electronics store Klick, said there has been a rise in the number of purchases and more expensive items are being bought. "Compared to last year, it is a better year," he said.

Due to the release of second pillar pension funds, almost a billion euros has been paid out to Estonian residents this year.

In January, another €74 million will be handed out, so the usual post-holiday season spending dip may not occur in 2022. However, prices rises and inflation are expected to continue.


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Editor: Helen Wright

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