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

1. Examination of response distributions

Consumers' own and Finland's economy

In October, 39 per cent of consumers thought that Finland’s economy was now worse than a year ago and 30 per cent of consumers felt that it was better. Seventeen per cent of consumers thought that their own economy is at the moment worse than one year ago. Clearly more or 27 per cent of consumers considered their own economy stronger in October than one year ago. The proportions concerning consumers’ own economy were 15 and 29 per cent in September and 18 and 24 per cent one year ago.

In October, 37 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 24 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 42 and 21 per cent and in last year’s October gloomy 21 and 52 per cent.

In October, 29 per cent of consumers believed that their own economy would improve and 11 per cent of them feared it would worsen over the year. In September, the corresponding proportions were 29 and 11 per cent and twelve months ago 26 and 15 per cent.

Unemployment and inflation

Altogether 39 per cent of consumers expected in October that general unemployment in Finland would decrease over the next year, and 22 per cent of them believed it would increase. The corresponding proportions were 44 and 21 per cent in September, and very gloomy 12 and 76 per cent one year ago.

In October, nine per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 14 per cent thought it had grown. On the other hand, as many as 48 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 11, 11 and 49 per cent, and in October last year very gloomy 4, 34 and 37 per cent.

Consumers predicted in October that consumer prices would go up by as much as 3.2 per cent over the next 12 months. One year ago, 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 October, 68 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was only 53 per cent. In October, 64 per cent of households had been able to lay aside some money and 78 per cent believed they would be able to do so during the next 12 months.

In October, 58 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding proportion was only 44 per cent. In October, 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

Thirty per cent of consumers considered the time favourable for buying durable goods in October. Fourteen per cent of consumers planned on increasing and 31 per cent on reducing their spending on durable goods over the next 12 months. In September, the latter proportions were 16 and 25 per cent and in last year's October 14 and 31 per cent.

In October, 17 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Fifteen per cent of consumers considered buying a dwelling within a year. In addition, 21 per cent of consumers were planning in October to spend money on renovating their dwelling within a year. The long-term average for intentions to buy a car is 14 per cent, to buy a dwelling 13 per cent and to make renovations 18 per cent.

Source: Consumer Confidence 2021, October. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tara Junes 029 551 3322, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 27.10.2021