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1. Examination of response distributions

Consumers' own and Finland's economy

Eighty-four per cent of consumers felt in December that Finland's economy is now worse than a year ago and only two per cent of consumers felt that it was better. Twenty per cent of consumers estimated in December that their own economy is worse at the moment than one year ago. Slightly more consumers or 24 per cent considered their own economy stronger than one year ago. The proportions concerning consumers’ own economy were 19 and 22 per cent in November and 17 and 27 per cent one year ago.

In December, 28 per cent of consumers believed that Finland’s economic situation would improve during the next 12 months, while 43 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 25 and 43 per cent and in last year's December 12 and 38 per cent.

In all, 27 per cent of consumers believed in December that their own economy would improve and 13 per cent of them feared it would worsen over the year. In November, the respective proportions were 25 and 13 per cent and twelve months ago 28 and 14 per cent.

Unemployment and inflation

Altogether 19 per cent of consumers expected in December that general unemployment in Finland would decrease over the next year, while 64 per cent of them believed it would increase. The corresponding proportions were 18 and 65 per cent in November and 19 and 37 per cent one year ago.

In December, five per cent of employed persons believed that their personal threat of unemployment or temporary lay-off had lessened over the past few months, whereas 33 per cent thought it had grown. On the other hand, 36 per cent of employed persons felt that they were not threatened by unemployment or temporary lay-off at all. One month earlier these three proportions were 6, 32 and 36 per cent, and in December last year 8, 18 and 46 per cent.

Consumers predicted in December that consumer prices would go up by 2.3 per cent over the next 12 months. One year ago, the predicted inflation rate was 2.7 per cent and its long-term average is 2.9 per cent.

Saving and taking out a loan

In December, 55 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was 63 per cent. In December, 63 per cent of consumers 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 December, 45 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 64 per cent. In December still slightly more consumers than usual, or 19 per cent of them, planned to raise a loan within one year. The average long-term share is 15 per cent.

Use of money

In December, 30 per cent of consumers considered the time favourable for buying durable goods. Thirteen per cent of consumers planned on increasing and 34 per cent on reducing their spending on durable goods over the next 12 months.

In December, 14 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In December, still relatively many considered buying a dwelling within a year: 15 per cent of consumers. The long-term average of intentions to buy a dwelling is 13 per cent. In addition, more consumers than usual, or 19 per cent of them, were in December planning to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2020, December. Statistics Finland

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

Head of Department in charge: Hannele Orjala

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Updated 28.12.2020