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Review

Consumers' own and Finland's economy

In July, 35 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 12 per cent of them thought that the country’s economy would deteriorate. In June, the corresponding proportions were 38 and 14 per cent and in last year's July 47 and 8 per cent.

In all, 30 per cent of consumers believed in July that their own economy would improve and only 11 per cent of them feared it would worsen over the year. One month earlier, the corresponding proportions were 30 and 10 per cent, and one year earlier 28 and 9 per cent.

Unemployment and inflation

One-half or 50 per cent of consumers thought in July that unemployment would decrease over the year, and only 12 per cent believed it would increase. The shares were 49 and 14 per cent in June and 47 and 15 per cent one year ago.

In July, 34 per cent of employed persons felt that they were not threatened by unemployment at all. Seventeen per cent of employed persons reckoned that their personal threat of unemployment had decreased over the past few months, and more than recently, or 14 per cent of them, thought it had grown.

Consumers estimated in July that consumer prices would go up by 1.9 per cent over the next 12 months. The predicted long-term average inflation rate is 2.1 per cent.

Saving and taking out a loan

Saving was considered worthwhile by 70 per cent of consumers in July. The long-term average proportion is 58 per cent. In July, 68 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. Households mainly planned on saving for a rainy day, for old age or for holiday making. Next to various bank accounts, the most planned investment targets were investment funds.

In July, 72 per cent of consumers regarded the time good for raising a loan. The long-term average proportion is 63 per cent. Slightly more households than usual, or 14 per cent of them, were planning in July to raise a loan within one year.

Buying of durable goods

In July, 45 per cent of consumers thought the time was favourable for buying durable goods. Intentions to spend money were mostly moderate. Seventeen per cent of households were either very or fairly certain to buy a car during the next 12 months. Eight per cent of households considered buying a dwelling. Fewer households than normal, or 17 per cent of them, were planning in July to spend money on renovating their dwelling within a year.

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 July 2018, in all, 1,042 responses were gained, so the non-response rate of the survey was 55.7 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, July. 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 27.7.2018