More modest Christmas budget for young Finns this year

02.12.10 12:00 | Lehdistötiedotteet

Nordea’s survey indicates that Finns calculate on spending some EUR 530 in the forthcoming holiday season. Finns plan to spend around EUR 300 on Christmas presents, but compared to last year, 10 per cent less will be spent on food, decorations and other Christmas-related shopping. The Finns will clearly be spending less than in 2007, when the seasonal average was EUR 650.

Money for Christmas spending comes mainly from regular income and tax returns, though one in five of the respondents will use savings.

The people in eastern Finland will spend the most on Christmas presents, almost EUR 320, while residents of western Finland will only spend just over EUR 270. Those aged 16 to 25 years have the tightest present budgets, and plan to spend EUR 106 on presents – over 30 per cent less than last year. There are budget increases, however, mainly in households of 26-39-year-olds who estimate to spend 12 per cent more than last year on presents

- Unemployment of young Finns is a probable cause of the dramatic drop in the youngest age group, says Anu Numminen, Nordea’s Private Economist.

Christmas can still be celebrated on smaller budgets

In all income categories, less money than last year will be spent on food, decorations, clothing and other Christmas expenses (excluding presents and travel).

- Surprisingly however, the survey shows that high-income earners will cut their costs the most, says Anu Numminen.

Inhabitants of southern and western Finland intend to spend the most on Christmas celebrations, about EUR 230 per person. People in northern Finland plan to spend the least, ie EUR 214 per person. The drop in northern Finland is significant, since this region spent the most last year at Christmas, about EUR 260 per person.

- I believe that the general instability in the market is to some extent reflected in consumer behaviour as well. The currently huge loan packages featured in the news, aimed to help the excessively indebted countries, worry some consumers and may indicate a tightening of belts in many households, just in case, says Anu Numminen.

This information is revealed by a survey commissioned by Nordea from Synovate, for which over 1,300 Finns aged 16-65 years were interviewed. This sample reflects the consumption intentions in Christmas 2010 of more than 3.5 million Finns when proportioned to the entire population.

For further information:
Anu Numminen, Private Economist, +358 9 165 88218, anu.numminen@nordea.com
Anni Kuusisto, Group Identity and Communications Finland, +358 9 165 42653, anni.kuusisto@nordea.com

Asiakirjat

Christmas Budget (pdf, 4 KB)