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Review

Consumers' own and Finland's economy

In June, 38 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 14 per cent of them thought that the country’s economy would deteriorate. In May, the corresponding proportions were 41 and 8 per cent and in last year's June optimistic 50 and 9 per cent.

In all, 30 per cent of consumers believed in June that their own economy would improve and only 10 per cent of them feared it would worsen over the coming year. One month earlier, the corresponding proportions were 29 and 11 per cent, and one year earlier 26 and 13 per cent.

Unemployment and inflation

Nearly one-half or 49 per cent of consumers thought in June that unemployment would decrease over the year, while 14 per cent of them believed it would increase. The shares were 54 and 12 per cent in May and 45 and 15 per cent one year ago.

In June, 32 per cent of employed persons felt that they were not threatened by unemployment at all. Nineteen per cent of employed persons reckoned that their personal threat of unemployment had lessened over the past few months, while 10 per cent thought it had grown.

Consumers estimated in June that consumer prices would go up by 1.8 per cent over the next 12 months. The predicted long-term average inflation rate is 2.2 per cent.

Saving and taking out a loan

In June, 70 per cent of consumers considered saving worthwhile. The long-term average proportion is 58 per cent. In June, 70 per cent of households had been able to lay aside some money and 81 per cent believed they would be able to do so during the next 12 months.

In June, 74 per cent of consumers regarded the time good for raising a loan. The long-term average proportion is 63 per cent. This June, 14 per cent of households were thinking of taking out a loan within one year.

Buying of durable goods

In June, 43 per cent of consumers thought the time was favourable for buying durable goods. General intentions to spend money were fairly moderate. Sixteen per cent of households were fairly or very certain to buy a car during the next 12 months. Seven per cent of households considered purchasing a dwelling. In June, 20 per cent of households were planning to spend money on renovating their dwelling within a year.

Consumer confidence by major region and population group

In June, consumers' confidence in the economy was strongest in Greater Helsinki (CCI 27.7) and weakest in Eastern Finland (17.7). Among population groups, upper-level salaried employees were clearly most optimistic (37.3). Pensioners had the gloomiest expectations concerning economic development (14.5).

Prevalence of modern equipment in households in May

In May, as many as 87 per cent of households with persons aged 15 to 84 had a home computer and 90 per cent had an Internet connection in their use. Fifty-seven per cent of households owned a tablet. Eighty-four per cent of households owned at least one smartphone and 23 per cent some type of wearable technology like an activity tracker, smartwatch or smartglasses.

Thirty-five per cent of households were watching a smart TV in May. Thirty per cent of households had a gaming console and some even a remote controlled camera drone. Seventy-nine per cent of households owned a car in May. More information about the prevalence of equipment can be found in Appendix figures 12 to 15 and in Database table 003.

Studying the prevalence of equipment in connection with the Consumer Survey will end this year. Statistics Finland will continue compiling statistics on the equipment in other ways that will be specified later.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released monthly on the European Commission website: Press releases .

Method of the Consumer Survey

The Consumer Survey is a telephone interview survey by means of which it is possible to measure Finns’ images - assessments and expectations - of the general economic development and the financial situation of one's own household, and intentions to make major purchases, save money or take out a loan. In addition, the survey is a tool for finding out how common modern equipment are in households. For the Consumer Survey, answers are given by means of answer options (qualitative survey).

The first Consumer Survey interviews were conducted in November 1987. Until 1991, the survey was carried out twice a year, in May and November. In 1992, the survey times increased to four: the survey months were February, May, August and November. Since October 1995, the Consumer Survey data have been collected monthly on assignment and partial financing of the European Commission .

Sampling and data collection

The population of the Consumer Survey comprises 4.5 million persons aged 15 to 84 and their 2.7 million households in Finland. A sample of 2,350 persons is drawn for the survey for every month. The same sample is also used for the data collection of the Finnish Travel Survey. The target area is the whole country and the respondents of the survey represent the population in Finland, according to age, gender, region of domicile and native language. The interviews are mainly conducted from Statistics Finland's Telephone Interview Centre (CATI), during the first two or three weeks of the month.

In June 2018, in all, 1,157 responses were gained, so the non-response rate of the survey was 50.8 per cent. The non-response rate includes those who refused from the survey or were otherwise prevented from participating, as well as those who could not be contacted. Possible over-coverage (dead, moved abroad etc.) is also included in non-response here.

Weighting

The response data of the Consumer Survey are expanded to the whole population with weighting coefficients. Weighting corrects the effects of non-response and improves the statistical accuracy of the data. The weights are established by using a calibration method (Calmar) and the probability of each observation to be included in the sample. The figures and series presented are not seasonally adjusted.

For more information, see Methodological description .

Source: Consumer Survey 2018, June. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.survey@stat.fi

Director in charge: Jari Tarkoma

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Updated 27.6.2018