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1. Examination of response distributions

Consumers' own and Finland's economy

As many as 45 per cent of consumers thought in December that Finland’s economy was now worse than a year ago and 23 per cent of consumers felt that it was better. Nineteen per cent of consumers thought that their own economy is at the moment worse than one year ago. Slightly more, or 24 per cent of consumers considered their own economy stronger in December than one year ago. The proportions concerning consumers’ own economy were 15 and 28 per cent in November and 20 and 24 per cent one year ago.

In December, only 25 per cent of consumers believed that Finland’s economic situation would improve during the next 12 months, while 34 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 29 and 29 per cent and in last year's December 28 and 44 per cent.

In all, 27 per cent of consumers believed in December that their own economy would improve in future and more of them than before, or 15 per cent, feared it would worsen over the year. In November, the respective proportions were 29 and 11 per cent and twelve months ago 27 and 13 per cent.

Unemployment and inflation

Fewer consumers than before, or 31 per cent expected in December 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 40 and 23 per cent in November, and gloomy 19 and 64 per cent one year ago.

In December, nine per cent of employed persons believed that their personal threat of unemployment or temporary lay-off had lessened over the past few months, whereas 14 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 10, 13 and 48 per cent, and in December last year gloomy 5, 33 and 36 per cent.

Consumers estimated in December that consumer prices have risen by 3.9 per cent from the year before and would go up by 3.6 per cent over the next 12 months. Twelve months previously, these inflation estimates were 2.1 and 2.3 per cent, and their long-term averages are 3.1 and 2.9 per cent. In December, 43 per cent of consumers thought that prices have risen much or quite much, and as many as 73 percent of them predicted prices to go up at least at the same rate during the coming months as well. The corresponding proportions were 12 and 55 per cent in last year's December.

Saving and taking out a loan

In December, 61 per cent of consumers thought the time was favourable for saving. The proportion was 67 per cent still in November and 55 per cent one year ago. In December, 63 per cent of consumers had been able to lay aside some money and 76 per cent believed they would be able to do so during the next 12 months.

In December, 55 per cent of consumers regarded the time good for taking out a loan. One year earlier, the corresponding proportion was only 45 per cent. In December, 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 December, just 25 per cent of consumers considered the time favourable for buying durable goods. Both one year and month earlier the proportion was 30 per cent. Twelve per cent of consumers planned on increasing and 33 per cent on reducing their spending on durable goods over the next 12 months. In November, the latter proportions were 14 and 29 per cent and in last year's December 13 and 34 per cent.

In December, 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Slightly fewer households than before, or 14 per cent, considered purchasing a dwelling or building a house within one year. As many as 22 per cent of consumers were planning in December 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, December. 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 27.12.2021