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1. Examination of response distributions

Consumers' own and Finland's economy

As many as 44 per cent of consumers thought in November that Finland’s economy was now worse than a year ago and 24 per cent of consumers felt that it was better. Fifteen per cent of consumers thought that their own economy is at the moment worse than one year ago. Clearly more consumers or 28 per cent considered their own economy stronger in November than one year ago. The proportions concerning consumers’ own economy were 17 and 27 per cent in October and 19 and 22 per cent one year ago.

In November, 29 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while as many of them, or 29 per cent, thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 37 and 24 per cent and in last year’s November gloomy 25 and 43 per cent.

In all, 29 per cent of consumers believed in November that their own economy would improve and 11 per cent of them feared it would worsen over the year. In October, the corresponding proportions were the same, or 29 and 11 per cent, and twelve months ago 25 and 13 per cent.

Unemployment and inflation

Altogether 40 per cent of consumers thought in November that general unemployment in Finland would decrease over the year, while 23 per cent of them believed it would increase. The corresponding proportions were 39 and 22 per cent in October, and very gloomy 18 and 65 per cent one year ago.

In November, 10 per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 13 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 9, 14 and 48 per cent, and in November last year very gloomy 6, 32 and 36 per cent.

Consumers estimated in November that consumer prices have risen by as much as 3.8 per cent from the year before and would go up by 3.6 per cent over the next 12 months. Twelve months previously, these inflation estimates were 2.1 and 2.2 per cent, and their long-term averages are 3.1 and 2.9 per cent.

Saving and taking out a loan

In November, 67 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was only 51 per cent. In November, 64 per cent of households 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 November, 60 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding proportion was only 47 per cent. In November, 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 November. Fourteen per cent of consumers planned on increasing and 29 per cent on reducing their spending on durable goods over the next 12 months. In October, the latter proportions were 14 and 31 per cent and in last year's November 13 and 31 per cent.

In November, 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Seventeen per cent of consumers considered buying or building a dwelling within a year. In addition, as many as 24 per cent of consumers were planning in November 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, November. 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 29.11.2021