Home > Statistics > Consumer Confidence > 2021 > February > 1. Examination of response distributions

1. Examination of response distributions

Consumers' own and Finland's economy

Seventy-eight per cent of consumers felt in February that Finland's economy is now worse than a year ago and only four per cent of consumers felt that it was better. As many as 25 per cent of consumers estimated in February that their own economy is worse at the moment than one year ago. Twenty-two per cent of consumers considered their own economy stronger than one year ago. The proportions concerning consumers’ own economy were 20 and 25 per cent in January and 19 and 24 per cent one year ago.

In February, 36 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 34 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 35 and 33 per cent and in last year's February 14 and 37 per cent.

As many as 33 per cent of consumers believed in February that their own economy would improve and only 11 per cent of them feared it would worsen over the year. In January, the respective proportions were 31 and 12 per cent and twelve months ago 25 and 13 per cent.

Unemployment and inflation

Altogether 24 per cent of consumers expected in February that general unemployment in Finland would decrease over the next year, while 56 per cent of them believed it would increase. In January, the respective proportions were 24 and 55 per cent and twelve months ago 26 and 33 per cent.

In February, 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 25 per cent thought it had grown. On the other hand, 39 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 5, 30 and 37 per cent, and in February last year 6, 16 and 45 per cent.

Consumers predicted in February that consumer prices would go up by 2.4 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 February, 56 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was 66 per cent. In February, 62 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 February, 53 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 68 per cent. In February, still slightly more consumers than usual, or 21 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 February, 34 per cent of consumers considered the time favourable for buying durable goods. Sixteen per cent of consumers planned on increasing and 30 per cent on reducing their spending on durable goods over the next 12 months.

In February, 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In February, a record number of consumers considered buying a dwelling within a year: 18 per cent. 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 February planning to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2021, February. 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 25.2.2021