In 2023, the retail sale in non-specialized stores sector in Norway achieved a value of 61.21 Billion Norwegian Krones. Over the past decade, the sector saw consistent growth, with a notable peak of 16.39% year-on-year growth in 2020, primarily driven by unique market conditions during the COVID-19 pandemic. Post-2020, growth was steadier, with recent years showing rates around 2.66% in 2023. The five-year compound annual growth rate (CAGR) leading up to 2023 settled at 3.29%.
Future trends over the next five years forecast a slower growth rate with an average CAGR of 1.88%, indicating a maturing market. Specific forecasts suggest an overall growth rate of 9.75% from 2024 to 2028, projecting a value of 68.89 Billion Norwegian Krones by 2028.
Future trends to watch for:
- Impact of digital transformation on brick-and-mortar retail operations
- Increased consumer demand for sustainable and ethically produced goods
- Potential shifts in consumer behavior post-pandemic affecting retail dynamics
- Economic factors influencing disposable income and spending patterns