This year Finns plan to spend less on their summer holidays than a year ago. Finnish households indicated that they will spend an average of 1,406 euros this summer, whereas last year they planned on spending an average of 1,470 euros.
A quarter of the households that participated in a survey commissioned by Nordea said they planned to spend a maximum of 500 euros on their holiday. Holiday budgets have been declining slightly for a few years in a row, as indicated by Nordea's annual survey measuring summer holiday spending plans. Finns had their highest holiday budget, 1,600 euros, in 2006 and 2009.
With an average budget of 1,835 euros, residents in the Helsinki metropolitan area plan to spend the most on their holidays. Elsewhere in southern Finland holiday spending will average 1,480 euros, in northern Finland 1,460 euros, in eastern Finland 1,185 euros and in western Finland 1,160 euros. Compared to last year, holiday budgets in the north will increase, whereas holidaymakers in the west plan to slash their budget the most.
Singles cutting back the most
Household size has a major impact on holiday budgets. Single people will spend the most on their holidays per person, or a total of 825 euros, while two-person households will spend 780 euros per person and families with children will spend between 460 and 480 euros per person.
The holiday budgets of two-person households and households of more than four persons will increase slightly this year, whereas three-person households will spend over 70 euros less per person. However, according to the survey, single households will cut their holiday spending the most, by 175 euros per person.
“This year's summer survey shows that the general uncertainty in the economy is reflected especially in the increased financial caution of single people. Since people living alone are the most vulnerable in terms of their finances, they will avoid carefree spending on their holidays, and instead leave some savings for a rainy day. This result in the survey is another indication of Finnish consumers' rather sensible and realistic view of their finances”, says Nordea's Private Economist Anu Numminen.
The respondents' income and age were also a factor, as the largest holiday budgets were reported by households earning more than 65,000 euros (1,960 euros) and people aged 40 to 54 (1,720 euros).
On a commission by Nordea, TNS Gallup surveyed holiday spending in Finland, Sweden, Denmark and Norway using Internet panels. The research material was collected between 7 and 14 May 2012. A total of 1,000 people aged between 18 and 65 were interviewed for the survey. Responses have been distributed according to the participants' gender, age and place of residence, so that the survey forms a representative sample of the situation and attitudes of Finns from this age group in May 2012.
For further information:
Anu Numminen, Private Economist, +358 9 165 88218
Anni Kuusisto, Chief Press Officer, +358 9 165 42320