During the Midsummer festival, spending on cards is significant, as evidenced by OP’s card data. In recent years, the four days leading up to Midsummer have seen a 25% increase in consumption compared to the previous week, making it one of the biggest shopping holidays after Christmas and Black Week in November. According to OP’s chief economist Tomi Kortela, households tend to spend more during the summer and holidays, with spending in free time and social contexts producing a higher-than-normal benefit for the money spent.
Holidays like Christmas and Midsummer have a significant impact on the economy, with Finland’s GDP decreasing slightly if these holidays were cancelled. Therefore, the high consumption spikes during these celebrations are reflective of the importance of spending during holidays. OP’s card data shows that card payments increase by 10-15% in the summer compared to normal levels, while in winter months they are lower by the same amount. Midsummer’s Eve is only slightly behind Christmas Eve in terms of card payments, with around 250-300 million euros spent on that day in Finland.
In conclusion, holidays play a major role in shaping consumer behavior and impacting the economy as a whole. With increased consumption during festivals like Midsummer and Christmas comes a positive impact on businesses and communities alike.
