Survey: Finns’ holiday budgets are now bigger than last year

Domestic travel and trips to other Nordic countries have become more popular

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”The Finns’ travel fever has reached a climax”, says Tarja Tynys-Kolu from the Helsinki office of the Finnish travel agency Finnmatkat. She and her family are also leaving for Crete for two weeks on Friday.
      Many Finns appear to be in a similar mood, as their eagerness to travel has already increased compared with the worst phase of the recession.
     
An annual Nordic summer holiday survey commissioned by the Nordea banking group shows that this year Finns are prepared to spend an average of EUR 1,600 on their summer holidays, while in the previous year the corresponding sum was EUR 1,410.
      Four in five Finns say that their holiday plans have not been affected by the current economic downturn, while last spring the same survey indicated that Finns planned to tighten their holiday budget belts.
      ”As recently as last Christmas people still cut their spending considerably compared with the previous year”, says Private Economist Tarja Svartström of Nordea.
     
Svartström believes that many people have been stressed by the financial situation for a long time. However, if no bad news has been delivered at work, they feel that they have earned their vacation and are more willing to spend.
      Moreover, the declining interest rates are bound to ease the burden of those with housing loans, increasing their holiday spending power.
      ”Many people have certainly already saved some money for a rainy day”, Svartström assumes.
      Nordea’s survey also shows an increase in the popularity of summer cottage holidays and travelling in Finland, while the other Nordic countries have also become more popular holiday destinations.
     
According to Svartström, the results of the survey predict a good season for the domestic holiday destinations.
      As could be seen already in the winter, a reduction in travelling to far-off countries is likely to benefit the domestic tourism industry.
      The survey indicates further that Finns are keen to travel, with the popularity of the Baltic countries and other European holiday destinations also increasing compared with the previous year.
      Based on Nordea’s survey, travelling habits and holiday spending are not among the first routines Finns are ready to change in weak economic conditions, while for example luxury goods are left on store shelves more often.
     
By comparison, Swedes have reduced their holiday cash reserves, planning to spend EUR 350 less than Finns this year, even though their holiday budgets in 2008 were almost the same as those of the Finns.
      The reason for the situation is the fact that the Swedish crown has weakened significantly versus the euro, which is why travelling abroad has become expensive for Swedes, even though the country's exporters have benefited from the slide, to the point of drawing envious looks from their Finnish colleagues.
     
The survey interviewed about 1,000 Finns between 18 and 65 years of age at the end of May. This survey was the fourth in a row, covering over 4,000 people in the Nordic countries.
      The survey was conducted by Synovate on behalf of Nordea.


Previously in HS International Edition:
  Survey: Finnish households plan to spend more on summer holidays than do Swedes (11.6.2008)

Links:
  Nordea press release 11.6.2009: Finnish summer holiday budgets get a boost

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