Finnish summer holiday budgets almost unchanged

10.06.10 8:42 | Lehdistötiedotteet

Finns will spend nearly as much on their summer holidays as in 2009. The average holiday budget for this year is 1,560 euros compared to 1,600 euros last year. People living in the Greater Helsinki area will spend considerably more than, for example, those living in eastern Finland.

The amount of money spent on holidays increases with age. The holiday budget of the youngest respondents is a little over 1,000 euros, whereas 42 – 53-year-olds spend about 1,850 euros on their holidays. Residents in the Greater Helsinki area spend the most, ie almost 2,000 euros, on their holidays compared to the holiday budget of 1,250 euros of those living in eastern Finland. The holiday budget of people travelling to far-off countries often exceeds 3,000 euros, whereas the budget of those spending their holiday at home is around 750 euros.

Will plans be realised?

Nordea has examined holiday budgets and plans in the Nordic countries in a similar manner for many years.

- By comparing holiday plans and the way people actually spent their holidays, we can see that people plan to do more during the holidays. but as the holiday begins, these plans are dropped. In practice this may mean that instead of a trip to a far-off country, people stay in Europe, or Rome is changed to, say, Tallinn. The difference between plans and reality seems to persist year after year, says Anu Numminen, Nordea’s Private Economist.

Where will Finns be headed this year?

It is worthwhile to note the difference between plans and reality, also when examining the holiday plans for this year. Based on the figures, more Finns than before intend to travel not only in their home country but also in Europe. This may be a sign of consumers’ growing confidence and improved financial situation.

- Compared to last year, it is noteworthy that those respondents who spent their holidays at home last year will also do so this year more often than others. Those who travelled in Finland last year are planning trips to the Baltic and Nordic countries or elsewhere in Europe. Similarly, those who travelled in Europe last year plan to head either to Europe or even further afield, says Anu Numminen.

The average holiday budget of families with children is 1,700 euros. Compared to adult households, these families spend their holidays more often at home or travelling in their home country or in the other Nordic countries. Especially families with 7 – 12-year-old children spend their holidays in Finland.

- In contrast, households with teenagers make longer trips in the Nordic and Baltic countries and to Europe, says Anu Numminen.

How are the holidays financed?

Finns mainly finance their holidays with their salary income and holiday bonuses. Savings and the credit facility of a credit card are more used for trips to Europe or the rest of the world.

A credit card is a convenient means of payment when travelling abroad if you remember to take good care of your card and cover the keypad with your hand when you key in your PIN to prevent others from seeing the code. You can also use your card to withdraw cash from an ATM as necessary. If possible, you can even have two different credit cards in case of technical problems. If, for example, Visa cards stop working due to a technical failure, your MasterCard will probably work, and vice versa. You should also avoid putting all your eggs in one basket. If you travel in a group, cards and cash should be distributed between the different travellers and several bags and pockets. And all is well if you remember to take the card-blocking number with you! says Anu Numminen.

 

The blocking number for credit cards when calling from abroad is +358 20 333, available 24/7.

In Finland Nordea interviewed 1064 persons in the age of 18-65 years. The survey was carried out by Synovate during the first two weeks of May.

 

For further information:

Anu Numminen, Private Economist, +358 9 165 88218

Kati Tommiska, Chief Press Officer, +358 9 165 42320