Finnish summer holiday budgets get a boost

Nordea's annual Nordic summer holiday survey shows that households are now prepared to spend more on their holidays than last year and prefer domestic travel. Also, the other Nordic countries have become more popular holiday destinations. Some 64 per cent of Finns will travel in Finland this summer and 12 per cent in the other Nordic countries. The average holiday budget has increased to 1,600 euros compared to 1,410 euros last year. Regardless of destination Finns plan to spend more this summer than last year. Inhabitants of southern Finland will spend the most, 1,800 euros. - Bigger holiday budgets are a sign of growing faith in the economy's recovery. Last summer people cut holiday spending and many begun saving. When the worst-case scenario did not materialise, people are now more willing to spend. The favourable wage trend and declining interest rates mean bigger spending power, says Tarja Svartström, Nordea's Private Economist. Over 80 per cent of Finns say their holiday plans are unaffected by the current economic situation. However, for another 15 per cent - especially the age group 18-29 years - the economy has affected holiday plans. Almost half of Finns have saved money for the holidays. Finns are keener to travel This year some four out of five Finns will spend at least part of their summer holiday in Finland. There is an increase in the popularity of summer cottage holidays and travelling in Finland: 64 per cent of Finns say they will spend their vacation in the home country, though not at home, compared to 56 per cent last year. Also, more people say they will travel abroad this year; Europe is the chosen destination of 22 per cent of Finns. The other Nordic countries and the Baltics account for 12 and 10 per cent respectively. The survey at the end of May interviewed about 1,000 Finns between 18 and 65 years of age. 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. For further information: Tarja Svartström, Private Economist +358 40 826 2006 This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.