Leap year 2024: Financial and economic benefits of an extra day
Upstox
2 min read • Updated: February 29, 2024, 2:39 PM
Summary
While leap years are primarily rooted in astronomical considerations, their impact extends beyond timekeeping.
2024 is a leap year, meaning we will have an extra day on our calendars. While many may view the additional day as a mere adjustment to keep our calendars in sync with the orbit of the Earth around the sun, it offers financial and economic benefits associated with the leap years, which occur every four years.
What is leap year?
A leap year is a year that contains an additional day, 29th February, making it 366 days instead of the usual 365. Leap years are observed every four years. The extra day is added to keep the calendar year synchronised with the astronomical year, which is approximately 365.2422 days long. The concept of a leap year is used to synchronise the calendar year with the time it takes for the Earth to orbit the Sun.
Increased consumer spending
Businesses leverage the extra day by providing customers with deals and freebies. American fast food restaurant chain Wendy's is giving free Cinnabon Pull-Apart at select locations as a part of their leap year celebrations. Starbucks also offers a BOGO (buy-one-get-one) deal on handcrafted drinks for select Starbucks Rewards members.
Financial benefits to employees
The leap year is unlikely to make a difference for salaried employees. However, workers who get paid weekly or hourly may get a slightly higher pay.
Investments and trading
The extra day in a leap year provides investors and financial institutions with an additional trading and investment day. Individuals may find the extra day valuable for portfolio adjustments, capital allocation and risk management.
Employment opportunities
Leap Day can be used as a promotional activity in tourism, event management, and retail industries, which may experience a surge in labour demand.
While leap years are primarily rooted in astronomical considerations, their impact extends beyond timekeeping. As we embrace the extra day in a leap year, it is essential to recognise and capitalise on the opportunities it presents for economic growth and prosperity.