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1. Examination of response distributions

Consumers' own and Finland's economy

As many as 84 per cent of consumers thought in September that Finland's economy was now worse than a year ago and only two per cent of consumers felt that it was better. Twenty-one per cent of consumers thought in September that their own economy is at the moment worse than one year ago. Slightly more consumers or 23 per cent considered their own economy stronger than one year ago.

In September, 25 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 46 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 23 and 46 per cent and in last year's September 10 and 47 per cent.

In all, 27 per cent of consumers believed in September that their own economy would improve and 15 per cent of them feared it would worsen over the year. In August, the corresponding proportions were 29 and 14 per cent and twelve months ago 27 and 13 per cent.

Unemployment and inflation

Only 13 per cent of consumers thought in September that general unemployment would decrease in Finland over the year, while as many as 71 per cent of them believed it would increase. The corresponding proportions were 17 and 60 per cent in August and 18 and 38 per cent one year ago.

Four per cent of employed persons believed in September that their personal threat of unemployment had lessened over the past few months, whereas 38 per cent thought it had grown. On the other hand, 32 per cent of employed persons felt that they were not threatened by unemployment at all. One month earlier in August, these three proportions were 4, 33 and 35 per cent and in last year's September, 6, 16 and 47 per cent.

Consumers estimated in September that consumer prices would go up by 2.2 per cent over the next 12 months. In August, the predicted inflation rate was still 2.5 per cent and its long-term average is 2.9 per cent.

Saving and taking out a loan

In September, 54 per cent of consumers thought the time was favourable for saving. The proportion was still 50 per cent in August. In September, 63 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.

In September, 44 per cent of consumers regarded the time good for taking out a loan. One month earlier the respective proportion was 48 per cent and one year before 69 per cent. However, notably many, or 22 per cent, of consumers were planning in September to take out a loan within one year. The long-term average is only 15 per cent.

Use of money

Twenty-eight per cent of consumers considered the time favourable for buying durable goods in September. Fourteen per cent of consumers planned on increasing and 32 per cent on reducing their spending on durable goods over the next 12 months.

In September slightly more than usual, or 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In September, more than ever before, or 18 per cent of consumers were considering buying a dwelling within a year. The long-term average proportion is 13 per cent. In addition, 21 per cent of consumers were planning in September to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2020, September. Statistics Finland

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

Head of Department in charge: Hannele Orjala

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Updated 28.9.2020