Nordea (Finland) (HEL:NDA1V) Finns' Christmas Budget Under The Microscope

Nordea (Finland) (HEL:NDA1V) The average Finn will spend 530 euros on Christmas, which is less than last year. Another distinct change is that a greater number of Finns plan to buy Christmas presents with money from tax refunds or savings.

A Nordea survey confirms that those who will spend most money at Christmas, 560 euros, live in southern Finland, whereas people in northern Finland plan to spend the least, 470 euros. Compared to last year, people living in northern Finland plan the most severe spending cuts. When comparing age groups, it is the 26-39-year-olds who will cut their Christmas budget the most. The most common reasons for Christmas budget cuts are households' weaker financial situation and higher living costs.

The survey indicates the general opinion of the consumers. Christmas expenditure was rather sizeable in 2007 and 2006.

- I believe that this year people will put more thought in buying Christmas presents and will use their heads rather than their hearts. More people are likely to receive an experience as a gift instead of goods, says Tarja Svartström, Nordea's Private Economist.

Every third Finn uses tax refunds for Christmas presents More than 30 per cent of Finns said that they will use tax refunds to buy Christmas presents. Last year, the corresponding figure was 15 per cent. People in the age group between 26 and 39 years say more often than others that they will use tax refunds to buy Christmas presents.

Every fourth Finn will donate money to charity at Christmas, but only one in ten will replace all Christmas presents with a donation. Every third Finn between 54 and 65 readily gives money or gift vouchers as a present.

Consumers in all the Nordic countries plan to spend less than last year. The Danes are planning to cut their spending the most and the Norwegians the least. The Finns are likely to use around 20 per cent less money at Christmas than last year.

- Before dashing off to do the Christmas shopping, it is worth writing down a list of what to buy and for whom. You should at least decide a limit for each present. That way it is easier to keep the total budget under control, says Tarja Svartström.

This information is derived from a survey commissioned by Nordea from Synovate. Over 1,000 people were interviewed in Finland, Sweden, Norway and Denmark at the beginning of November.

For further information: Tarja Svartström, Private Economist, +358 40 826 2006 or tarja.svartstrom@nordea.fi

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Nordea (Finland)

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