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1. Examination of response distributions

Consumers' own and Finland's economy

As many as 62 per cent of consumers thought in May that Finland’s economy was now worse than a year ago and only 13 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. More consumers or 27 per cent considered their own economy stronger in May than one year ago. The proportions concerning consumers’ own economy were 15 and 29 per cent in April and 21 and 24 per cent one year ago.

In May, as many as 40 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 28 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 38 and 32 per cent and in last year's May 26 and 57 per cent.

In all, 30 per cent of consumers believed in May that their own economy would improve and only 10 per cent of them feared it would worsen over the year. In April, the corresponding proportions were 29 and 10 per cent and twelve months ago 27 and 17 per cent.

Unemployment and inflation

As many as 39 per cent of consumers expected in May that general unemployment in Finland would decrease over the next year, while 36 per cent of them believed it would increase. The corresponding proportions were 31 and 46 per cent in April, and 16 and 72 per cent one year ago.

In May, seven per cent of employed persons believed that their personal threat of unemployment or temporary lay-off had lessened over the past few months, whereas 19 per cent thought it had grown. On the other hand, 43 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 9, 22 and 44 per cent, and in May last year 4, 40 and 35 per cent.

Consumers estimated in May that consumer prices would go up by 2.8 per cent over the next 12 months. In April, 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 May, 62 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was only 43 per cent. In May, 64 per cent of households had been able to lay aside some money and as many as 80 per cent believed they would be able to do so during the next 12 months.

In May, 59 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding proportion was only 37 per cent. In May, 19 per cent of consumers were planning to take out a loan within one year. The average long-term proportion is 16 per cent.

Use of money

In May, 34 per cent of consumers considered the time favourable for buying durable goods. One year ago, 30 per cent of consumers held this view. Sixteen per cent of consumers planned on increasing and 25 per cent on reducing their spending on durable goods over the next 12 months.

In May slightly more than usual, or 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In May, considerably many also considered buying a dwelling within a year: 17 per cent of consumers. The long-term predicted average for intentions to buy a dwelling is 13 per cent. In addition, as many as 23 per cent of consumers were planning in May to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2021, May. 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 27.5.2021