How does the date segment works in Target?

My team and I want to create an activity with an audience that is mostly active during vacational periods, for example, summer vacations, so we can create offers dedicated just for people who's activity during those specific time frame are more active. Is is possible? knpw there is a time frame option when creating an audience but you can just choose date ranges for the future. How this time frame option works and is it possible to use it in this scenario or is there another way of creating the audience?

Thanks in advance.