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1. Examination of response distributions

Consumers' own and Finland's economy

Still as many as 86 per cent of consumers estimated in June that Finland's economy was now worse than a year ago and only three per cent of consumers felt that it was better. In May, the proportions were roughly the same: 87 and 3 per cent. Nineteen per cent of consumers thought in June that their own economy is at the moment worse than one year ago. Slightly more consumers or 24 per cent considered their own economy stronger than one year ago. One month earlier, the respective proportions were 21 and 24 per cent.

In June, 32 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 43 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were gloomier in May: 26 and 57 per cent.

In all, 27 per cent of consumers believed in June that their own economy would improve and 13 per cent of them feared it would worsen over the year. The corresponding proportions were slightly weaker in May: 27 and 17 per cent.

Unemployment and inflation

Altogether 24 per cent of consumers thought in June that general unemployment would decrease over the year, while 57 per cent of them believed it would increase. The respective proportions were somewhat gloomier in May: 16 and 72 per cent.

In June, 36 per cent of employed persons felt that they were not threatened by unemployment at all. Three per cent of employed persons reckoned that their personal threat of unemployment had lessened over the past few months, while 37 per cent thought it had grown. One month ago, these three proportions were 35, 4 and 40 per cent.

Consumers estimated in June that consumer prices would go up by 2.4 per cent over the next 12 months. The predicted long-term average inflation rate is 2.9 per cent.

Saving and taking out a loan

In June, 50 per cent of consumers thought the time was favourable for saving. The proportion was 43 per cent in May. In June, 64 per cent of households had been able to lay aside some money and 77 per cent believed they would be able to do so during the next 12 months. One year ago, these two proportions were 58 and 76 per cent.

In June, 43 per cent of consumers regarded the time good for taking out a loan. One month earlier, the corresponding share was 37 per cent. In June still slightly more consumers than usual, or 17 per cent of them, were planning to raise a loan within one year.

Buying of durable goods

Thirty-three per cent of consumers considered the time favourable for buying durable goods in June. The proportion was 30 per cent in May. Fourteen per cent of consumers in June planned on increasing and 34 per cent on reducing their spending on durable goods over the next 12 months.

In June, still only 13 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In turn, intentions related to the dwelling – besides taking out a loan – were on a good level as in previous months: In June, 15 per cent of consumers considered buying a dwelling within a year. The long-term average proportion is 13 per cent. In addition, 19 per cent of consumers were planning to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2020, June. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.confidence@stat.fi

Director in charge: Jari Tarkoma

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Updated 29.6.2020