Midsummer: Finland’s Midnight of Consumerism

Finland’s biggest shopping event of the year is Midsummer, as evidenced by a spike in card payments totaling around 250-300 million euros on Midsummer’s Eve. According to OP Ryhmä’s card data, the four days leading up to Midsummer have seen a 25% increase in consumption compared to the previous week. This makes it one of the biggest celebrations of the year in terms of consumer spending, surpassed only by Christmas and Black Week in November.

In recent years, OP Ryhmä has reported that households tend to spend more in the summer and during holidays, with spending in leisure and social activities producing a higher return on investment. The chief economist at OP Ryhmä, Tomi Kortela, agrees that holidays like Christmas or Midsummer are significant events that have a significant impact on the economy as a whole. If these holidays were canceled, Finland’s GDP would see a slight decrease.

While card payments increase by 10-15% in summer compared to normal levels, they are lower than normal in winter months by the same amount. However, Midsummer’s Eve is only slightly behind Christmas Eve in terms of card payments, with an estimated 250-300 million euros spent in Finland on the holiday last year.

Overall, it is clear that Midsummer is a major event not only for consumption but also for the economy as a whole. With its festive atmosphere and increased spending opportunities, it remains one of Finland’s most popular celebrations of the year.