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

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 77 per cent of consumers thought in March that Finland's economy was now worse than a year ago and only four per cent of consumers felt that it was better. Nineteen per cent of consumers thought that their own economy is at the moment worse than one year ago. Slightly more or 24 per cent of consumers considered their own economy stronger in March than one year ago. The proportions concerning consumers’ own economy were 25 and 22 per cent in February and 19 and 27 per cent one year ago.

In March, only 27 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 42 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 36 and 34 per cent and in last year's March 11 and 52 per cent.

In all, 32 per cent of consumers believed in March that their own economy would improve and only 11 per cent of them feared it would worsen over the year. In February, the corresponding proportions were 33 and 11 per cent and twelve months ago 30 and 14 per cent.

Unemployment and inflation

Altogether 20 per cent of consumers thought in March that general unemployment in Finland would decrease over the year, while 62 per cent of them believed it would increase. The corresponding proportions were 24 and 56 per cent in February and 16 and 47 per cent one year ago.

In March, five per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 25 per cent thought it had grown. In contrast, 38 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 5, 25 and 39 per cent and in last year's March, 8, 21 and 43 per cent.

Consumers predicted in March that consumer prices would go up by 2.5 per cent over the next 12 months. One year ago, the predicted inflation rate was 2.3 per cent and its long-term average is 2.9 per cent.

Saving and taking out a loan

In March, 56 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was 61 per cent. In March, 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.

In March, 50 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 59 per cent. However, still more consumers than usual, or 21 per cent, were planning in March to take out a loan within one year. The average long-term proportion is 15 per cent.

Use of money

Thirty-one per cent of consumers considered the time favourable for buying durable goods in March. Fifteen per cent of consumers planned on increasing and 33 per cent on reducing their spending on durable goods over the next 12 months.

In March 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 March considerably many also thought of 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, as many as 21 per cent of consumers were planning in March to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2021, March. 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 29.3.2021