It’s a scene played out all over Europe as the holidays approach: The air is cold, the sky is bright and snow crunches underfoot as crowds make their way through rows of little wooden structures that look like storybook houses with sloping roofs and rustic trim, each one offering some treasure that’s beautiful, fun or delicious.

Chatter, laughter and music waft through the air, mixing with the smells of gingerbread, grilled meats and cookies as shoppers browse among the carved toys, small musical instruments, ornaments, handcrafted clothing, homemade soap, candles and hand-blown glass.

Millions of people — both locals and visitors — attend annual Christmas markets in cities all over Europe each year. They’re not only tourist attractions, but they’re also big business for local economies. But will the European financial crisis be the Grinch that steals the holiday spirit from the continent’s Christmas markets?

Slovak economist Vladimir Vano, in Bratislava, says probably not. The Volksbank Slovakia chief financial analyst says if anything, it may enhance the experience because “the main draw of these markets isn’t just the buying and selling of wares.”

He says they’re really an old version of our modern online social networks — a place to connect. In times of trouble, he adds, people want that connection to be more personal. They want to hold hands or talk face-to-face as they enjoy activities with their family and friends. If you add in the nostalgic spirit of the holidays, you have what he calls “behavior economics,” and that could keep the Christmas markets strong this year.

But that’s not the only factor. Vano says some potential vendors may decide it’s more important than ever to invest the several thousand dollars it takes to rent a seller’s stall. Vendors pay about $3,500 to set up for six weeks at his city’s main market and they usually take home something in the neighborhood of $14,000, according to Jozsef Molnar, managing director of the Budapest Tourism office in Hungary.

Spaces are limited, but some municipalities across Europe are opening up a few more this year, hoping that more vendors offering a greater variety of merchandise may in turn attract even larger crowds.

Of the nearly 600,000 visitors who attend the Budapest Christmas market at Vorosmarty Square each year, 30 to 40 percent are foreigners, according to Molnar. That means revenue for hotels, restaurants and other segments of the travel industry in addition to income for the vendors and the markets.

Vorosmarty is a lovely location that offers a giant Christmas tree, nativity scenes and a unique Advent calendar that opens up in the windows of the historic Gerbeaud confectionary. The merchandise is quite good. Sellers are judged by experts representing craftsmen and folk artists, and only those of high skill are allowed to set up shop. But quality doesn’t come cheap. You could pay hundreds of dollars for a nativity set, $40 to $60 for a woman’s hand-styled woven hat or less for small trinkets.

Food is also top notch. One favorite is the chimney cake, a delicacy once made by wrapping dough around actual chimney pipes. Now the dough is wrapped around something that looks like a large, slightly V-shaped rolling pin. It’s sprinkled with sugar or slathered in butter or honey, cooked on hot coals, then twisted off the pin, wrapped in paper and devoured by appreciative customers.