Finnish summer holiday budgets slightly tighter

06.06.11 9:33 | Lehdistötiedotteet

This year, Finns intend to spend a little less money on their summer holidays than in the last two years, according to a survey commissioned by Nordea which was conducted in May.

The average Finnish summer holiday budget this year is 1,470 euros. Compared to last year, the average budget has decreased by 80 euros, and compared to 2009 the budget has been cut by 130 euros. People in Northern Finland have the tightest budget: this year they will spend 17 per cent less on their holidays than last year.

- Interest rates have started to rise and consumer prices have recently been growing faster than wages. This has made consumers slightly more cautious, says Anu Numminen, Nordea’s Private Economist.

Almost half of the Finnish households intend to spend no more than 1,000 euros on their summer holidays. However, over a quarter of the households spent more than 2,000 euros on their holidays last year and they are planning to spend just as much this year. The biggest spenders live in Southern Finland, and many are found in the Greater Helsinki area, where the average summer holiday budget is 1,840 euros.

The average budget of households with children is also 1,840 euros, whereas households with no children will spend 1,330 euros on their summer holidays. People aged 42-53 have the biggest holiday budgets: they estimate that they will spend around 1,700 euros. Households with an annual income of less than 30,000 euros spend 770 euros on average on their holidays, while those earning more than 70,000 a year have a holiday budget of around 2,340 euros.

- At the individual level, single-person households have the most expensive summer holidays as they spend around 1,000 euros on average. This compares with the average holiday budget of a family of four which is only 460 euros per person, says Anu Numminen.

1,041 people aged between 18 and 65 participated in the Finnish survey which was commissioned by Nordea and carried out by Synovate between 4 and 17 May 2011.

For further information:
Anu Numminen, Private Economist, tel +358 9 165 88218
Anni Kuusisto, Press Officer, tel +358 9 165 42653