Home > Statistics > Consumer Confidence > 2020 > November > 1. Examination of response distributions

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 84 per cent of consumers thought in November that Finland's economy was now worse than a year ago and only three per cent of consumers felt that it was better. Nineteen per cent of consumers thought in November that their own economy is at the moment worse than one year ago. Slightly more consumers or 22 per cent considered their own economy stronger than one year ago. In October, proportions concerning own economy were 18 and 24 per cent and twelve months ago 18 and 26 per cent.

In November, 25 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. One month earlier, the corresponding proportions were 21 and 52 per cent and in last year's November 10 and 44 per cent.

In all, 25 per cent of consumers believed in November that their own economy would improve and 13 per cent of them feared it would worsen over the year. In October, the corresponding proportions were 26 and 15 per cent and twelve months ago 28 and 13 per cent.

Unemployment and inflation

Altogether 18 per cent of consumers thought in November that general unemployment in Finland would decrease over the year, while 65 per cent of them believed it would increase. In October, the respective proportions were 12 and 76 per cent and twelve months ago 16 and 39 per cent.

In November, six per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 32 per cent thought it had grown. In contrast, 36 per cent of employed persons felt that they were not threatened by unemployment or lay-off at all. One month earlier, these three proportions were 4, 34 and 37 per cent and in last year's November 7, 15 and 46 per cent.

Consumers predicted in November that consumer prices would go up by 2.2 per cent over the next 12 months. In October, the predicted inflation rate was 2.4 per cent, and its long-term average is 2.9 per cent.

Saving and taking out a loan

In November, 51 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was 62 per cent. In November, 63 per cent of households had been able to lay aside some money and 76 per cent believed they would be able to do so during the next 12 months.

In November, 47 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 65 per cent. However, more consumers than usual, or 18 per cent, were planning in November to take out a loan within one year. The average long-term proportion is 15 per cent.

Use of money

Twenty-eight per cent of consumers considered the time favourable for buying durable goods in November. Thirteen per cent of consumers planned on increasing and 31 per cent on reducing their spending on durable goods over the next 12 months.

In November slightly more than average, or 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In November many also considered buying a dwelling within a year: 16 per cent of consumers. The long-term predicted average for intentions to buy a dwelling is 13 per cent. In addition, more than usual, 21 per cent of consumers were planning in November to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2020, November. Statistics Finland

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

Head of Department in charge: Hannele Orjala

---

Updated 27.11.2020