Icelanders spend on Christmas

Icelanders will spend 9 percent more on Christmas presents in 2006 than in 2005, trade experts affiliated with the Federation of Trade & Services announced yesterday.

According to a research introduced by a committee of trade experts, twenty percent of retail trade in Iceland takes place before the holiday season, as Fréttabladid reports.

In the trade committee’s research it was found that every Icelander is planning to spend ISK 26-50,000 (equivalent to EUR 287-552 or USD 368-708) on Christmas presents this year.

The committee predicted that fruit and vegetable presses will be the most popular present in Iceland this Christmas.