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

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 45 per cent of consumers thought in August that Finland’s economy was now worse than a year ago and 24 per cent of consumers felt that it was better. Fifteen per cent of consumers thought that their own economy is at the moment worse than one year ago. Clearly more consumers, or 31 per cent, considered their own economy stronger in August than one year ago. The proportions concerning consumers’ own economy were 14 and 29 per cent in July and 22 and 24 per cent one year ago.

In August, 38 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 27 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 41 and 24 per cent and in last year’s August gloomy 23 and 46 per cent.

In all, 30 per cent of consumers believed in August that their own economy would improve and 11 per cent of them feared it would worsen over the year. In July, the corresponding proportions were 28 and 11 per cent and twelve months ago 29 and 14 per cent.

Unemployment and inflation

Altogether 35 per cent of consumers expected in August that general unemployment in Finland would decrease over the next year, while 30 per cent of them believed it would increase. The corresponding proportions were 38 and 28 per cent in July, and gloomy 17 and 60 per cent one year ago.

In August, 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 18 per cent thought it had grown. On the other hand, 40 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 11, 16 and 47 per cent, and in August last year gloomy 4, 33 and 35 per cent.

Consumers predicted in August that consumer prices would go up by 3.0 per cent over the next 12 months. One year ago, the predicted inflation rate was 2.5 per cent and its long-term average is 2.9 per cent.

Saving and taking out a loan

In August, 67 per cent of consumers thought the time was favourable for saving. Twelve months ago, the proportion was only 50 per cent. In August, 65 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 August, 60 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding share was 48 per cent. In August, 19 per cent of consumers were planning to take out a loan within one year. The average long-term proportion is 16 per cent.

Use of money

In August, 31 per cent of consumers considered the time favourable for buying durable goods. Eighteen per cent of consumers planned on increasing and 28 per cent on reducing their spending on durable goods over the next 12 months.

In August, 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Considerably many were thinking of buying a dwelling within a year: 17 per cent of consumers. In addition, as many as 22 per cent of consumers were planning in August to spend money on renovating their dwelling within a year. The long-term average for intentions to buy a car is 14 per cent, to buy a dwelling 13 per cent and to make renovations 18 per cent.

Source: Consumer Confidence 2021, August. 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 27.8.2021