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

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 80 per cent of consumers thought in January that Finland's economy was now worse than a year ago and only four per cent of consumers felt that it was better. Twenty per cent of consumers thought in January that their own economy is at the moment worse than one year ago. Slightly more consumers or 25 per cent considered their own economy stronger than one year ago. The proportions concerning consumers’ own economy were 20 and 24 per cent in December and 16 and 25 per cent one year ago.

In January, as many as 35 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 33 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 28 and 43 per cent and in last year's January 13 and 38 per cent.

As many as 31 per cent of consumers believed in January that their own economy would improve and 12 per cent of them feared it would worsen over the year. In December, the corresponding proportions were 27 and 13 per cent and twelve months ago 28 and 12 per cent.

Unemployment and inflation

Altogether 24 per cent of consumers thought in January that general unemployment in Finland would decrease over the year, while 55 per cent of them believed it would increase. The corresponding proportions were 19 and 64 per cent in December and 19 and 37 per cent one year ago.

In January, five per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 30 per cent thought it had grown. In contrast, 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 5, 33 and 36 per cent and in last year's January, 8, 18 and 44 per cent.

In January, consumers predicted that consumer prices would go up by 2.3 per cent over the next 12 months. One year ago, the predicted inflation rate was 2.6 per cent and its long-term average is 2.9 per cent.

Saving and taking out a loan

In January, 59 per cent of consumers thought the time was favourable for saving. One month earlier, the proportion was 55 per cent. In January, 63 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 January, 53 per cent of consumers regarded the time good for taking out a loan. One month earlier, the corresponding share was 45 per cent. Still, more consumers than usual, or 18 per cent, were planning in January to take out a loan within one year. The average long-term proportion is 15 per cent.

Use of money

Thirty-three per cent of consumers considered the time favourable for buying durable goods in January. Fourteen per cent of consumers planned on increasing and 33 per cent on reducing their spending on durable goods over the next 12 months.

In January, 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. In January many were still thinking of buying a dwelling within a year: 17 per cent of consumers. The long-term predicted average for intentions to buy a dwelling is 13 per cent. In addition, clearly more than usual, 24 per cent of consumers were planning in January to spend money on renovating their dwelling within a year.

Source: Consumer Confidence 2021, January. 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 27.1.2021