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

1. Examination of response distributions

Consumers' own and Finland's economy

In July, 46 per cent of consumers thought that Finland's economy was now worse than a year ago and 23 per cent of consumers felt that it was better. Fourteen per cent of consumers thought that their own economy is worse at the moment than one year ago. Clearly more consumers or 29 per cent considered their own economy stronger than one year ago in July. The proportions concerning consumers’ own economy were 15 and 28 per cent in June and 20 and 25 per cent one year ago.

In July, 41 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 24 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 44 and 26 per cent and in last year's July 32 and 39 per cent.

In all, 28 per cent of consumers believed in July that their own economy would improve while 11 per cent of them feared it would worsen over the year. In June, the respective proportions were 27 and 10 per cent and twelve months ago 28 and 11 per cent.

Unemployment and inflation

Altogether 38 per cent of consumers expected in July that general unemployment in Finland would decrease over the next year, while 28 per cent of them believed it would increase. The corresponding proportions were 41 and 30 per cent in June and 24 and 53 per cent one year ago.

In July, 11 per cent of employed persons believed that their personal threat of unemployment or temporary lay-off had lessened over the past few months, whereas 16 per cent thought it had grown. On the other hand, as many as 47 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, 16 and 47 per cent, and in July last year 4, 35 and 36 per cent.

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

Saving and taking out a loan

In July, 65 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was only 51 per cent. In July, 66 per cent of consumers 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 July, 60 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 51 per cent. In July ,18 per cent of consumers were planning to take out a loan within one year. The average long-term share is 16 per cent.

Use of money

In July, 34 per cent of consumers considered the time favourable for buying durable goods. Seventeen per cent of consumers planned on increasing and 27 per cent on reducing their spending on durable goods over the next 12 months.

In July, 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Remarkably many also considered buying a dwelling within a year: 16 per cent of consumers. In July, as many as 24 per cent of consumers were also planning to spend money on renovating their dwelling within a year. The long-term average of intentions to buy a car is 14 per cent, that of intentions to buy a dwelling 13 per cent and that of renovations 18 per cent.

Source: Consumer Confidence 2021, July. 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 27.7.2021