Home > Statistics > Consumer Confidence > 2020 > October > 1. Examination of response distributions

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 87 per cent of consumers thought in October that Finland's economy was now worse than a year ago and only three per cent of consumers felt that it was better. Eighteen per cent of consumers thought in October that their own economy is at the moment worse than one year ago. Slightly more consumers or 24 per cent considered their own economy stronger than one year ago.

In October, 21 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while already more than one half, or 52 per cent, of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 25 and 46 per cent and in last year's October 10 and 48 per cent.

In October, 26 per cent of consumers believed that their own economy would improve and 15 per cent of them feared it would worsen over the year. In September, the corresponding proportions were 27 and 15 per cent and twelve months ago 26 and 14 per cent.

Unemployment and inflation

Only 12 per cent of consumers thought in October that general unemployment would decrease in Finland over the year, while as many as 76 per cent of them believed it would increase. In September, the respective proportions were 13 and 71 per cent and twelve months ago 19 and 40 per cent.

In October, four per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 34 per cent thought it had grown. On the other hand, 37 per cent of employed persons felt that they were not threatened by unemployment or lay-off at all. One month earlier, these three proportions were 4, 38 and 32 per cent and in last year's October, 7, 18 and 48 per cent.

Consumers predicted in October that consumer prices would go up by 2.4 per cent over the next 12 months. In September, the predicted inflation rate was 2.2 per cent, and its long-term average is 2.9 per cent.

Saving and taking out a loan

In October, 53 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was 61 per cent. In October, 65 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.

In October, 44 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 65 per cent. However, more consumers than usual, or 19 per cent, were planning in October to take out a loan within one year. The average long-term proportion is 15 per cent.

Use of money

Twenty-nine 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 October slightly more than average, or 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In October, many also considered buying a dwelling within a year: 15 per cent of consumers. The long-term predicted average is 13 per cent. In addition, 21 per cent of consumers were planning in October to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2020, October. Statistics Finland

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

Head of Department in charge: Hannele Orjala

---

Updated 27.10.2020