People at Market Square in Helsinki. LEHTIKUVA

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A recent comparison by Nordea reveals a significant disparity in summer vacation budgets between Swedes and Finns, with Swedes planning to spend twice as much as their Finnish counterparts. The study shows that the average Swede's summer vacation budget is approximately €2,000 (23,000 Swedish kronor), while Finns plan to spend just over €1,000.

This year, the Swedish summer vacation budget has increased by 4%, whereas the Finnish budget has decreased by 17% compared to last year.

This trend was highlighted in traditional summer budget surveys conducted in both countries.

"Despite rising interest rates and general price levels, Swedes are clearly investing in their summer vacations. Consumer confidence in Sweden has recovered much faster than in Finland, which is reflected in their willingness to spend on vacations. Additionally, Swedes tend to repay their mortgages more slowly than Finns, leaving more disposable income for other expenses, particularly during peak family years," explained Nordea economist Juho Kostiainen.

Declining Purchasing Power Affects Finnish Holiday Spending

Both Swedes and Finns primarily fund their summer vacations through salaries or savings, with average wages being quite similar in both countries. Only a small percentage in each country finances their holidays with credit.

"The rise in living costs has made financing summer vacations more challenging in both countries, but significantly more so in Finland. In Finland, over half (58%) of respondents reported that reduced purchasing power is limiting their vacation budget to some extent or significantly. In Sweden, the figure is less than half (41%)," Kostiainen noted.

More Swedes Plan to Travel Abroad

The survey also revealed that Swedes are more likely to travel abroad this summer compared to Finns. Thirty-four percent of Swedes plan to travel internationally, up from 28% last year. In contrast, only 25% of Finns intend to travel outside their country, a slight increase from 23% last year.

For more insights into Nordic consumer behavior, refer to the latest Nordic short-term data.

HT

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