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Stockholm pioneers life science research

ICT startups offer investment opportunity

Swedish companies ready for exit

Five med-tech investment opportunities

Six cleantech investment opportunities

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Rankings and surveys

Sweden tops English-language skills ranking

Sweden ranked world's best country to grow old

Swedish passport world's best for travellers

Sweden second best country for mothers

Stockholm climbs in competitiveness rankings

Sweden among best countries to be born

Fortune: 'Stockholm top place for startups'

Sweden tops first global Web Index

Sweden world's second most innovative country

Stockholm world's 6th 'best city'

'Cool Stockholm' most competitive Nordic capital

Sweden has (second) best reputation in the world

Sweden among top in Internet download speed

Sweden scores highest in 'Rule of law index'

Stockholm world's No1 in intellectual capital

Sweden the world's most ICT-competitive country

Sweden great place for moms – but Norway better

Swedes place 4th in English skills ranking

Sweden among top ICT countries

Sweden’s 10 greenest brands

‘Sweden needs to sell itself more’

Sweden overtakes the US in competitiveness

Sweden 10th ‘most admired country globally’

Sweden climbs in 'doing business' ranking

Sweden among world's least corrupt nations

Sweden's mortality rates world's second lowest

Sweden a good place to die – but Britain is best

Children in Sweden have best lives

Sweden the most competitive EU nation

Safe to do business with Swedes

How Sweden became an innovation frontrunner

Nordic countries world's most food-secure

Sweden the world’s best country – politically

Swedish firms among world's top brands

Swedish brands climb in global ranking

Sweden tops government ranking - while US lags 

'Swedish model' outranks 'American dream'  

Sweden among world's least corrupt nations

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Growth potential in fashion-hungry Stockholm

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Sweden is now ranked as the world’s sixth richest country in terms of average wealth per adult, overtaking countries like the United States, China and Japan. Swedes also spend relatively more of their disposable income on shopping, making the country a lucrative place for international brands to expand.

Average wealth in Sweden was US$284,692, according to Credit Suisse's annual global wealth report. Wealth is defined as financial and real assets including housing owned by individuals, minus debt.

Data also shows that a large proportion of Swedes' income and wealth are being spent on fashion, furniture and other retail goods. At the same time, the Swedish capital attracts shopping-hungry visitors from all over the world.

For the last 15 years the retail sector has enjoyed strong annual growth, averaging 3.5 percent per year, according to Eurostat. During the last five years the Swedish retail sector has emerged as one of the strongest in western Europe, and retail sales totalled 63.5 billion euro last year. Retail accounts for a third of total household consumption, according to Statistics Sweden.

With a growing number of lavish fashion shops and cheap-and-chic Swedish clothing chains, like H&M, the fashion sector has increased by 75 percent in the last ten years. And with more top international brands entering the market, that upswing is expected to continue. With a total spend of 1,130 euro per inhabitant last year, Swedes spend more that most westerners on fashion. Indeed, last year fashion sales increased by 7 percent, to 10.2 billion euro, according to the Swedish Retail Institute.

Retail sales are also expected to swell in Stockholm as the Swedish capital experiences a higher population growth rate compared to other leading European cities. Stockholm is expected to see a 17 percent increase in its number of citizens by 2020 compared to 2000, according to the Stockholm Chamber of Commerce. By contrast, London is expecting an increase of 9 percent and Paris 3.5 percent.

Sweden’s 5.5 percent growth rate last year was more than any other developed nation in Europe, beating the 2.8 percent increase in the US. The economy also expanded faster than most analysts estimated in the third quarter of this year (4.6 percent) as exports picked up and companies continued investing.

Simply put; Sweden has wealthy consumers with high purchasing power.

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This article was published in collaboration between Stockholm Business Region and The Swedish Wire.

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Last Updated (Monday, 02 January 2012 06:42)


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