Home > Statistics > Consumer Confidence > 2022 > January > 1. Examination of response distributions

1. Examination of response distributions

Consumers' own and Finland's economy

As many as 49 per cent of consumers thought in January that Finland's economy was now worse than a year ago and only 14 per cent of consumers felt that it was better. Eighteen per cent of consumers thought that their own economy is at the moment worse than one year ago. Slightly more, or 27 per cent of consumers considered their own economy stronger in January than one year ago. The proportions concerning consumers’ own economy were 19 and 24 per cent in December and 20 and 25 per cent one year ago.

In January, 23 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 34 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 25 and 34 per cent and in last year's January 35 and 33 per cent.

In all, as many as 30 per cent of consumers believed in January that their own economy would improve and only 11 per cent of them feared it would worsen over the year. In December, the corresponding proportions were 27 and 15 per cent and twelve months ago 31 and 12 per cent.

Unemployment and inflation

Altogether 30 per cent of consumers thought in January that general unemployment in Finland would decrease over the year, while again slightly more or 35 per cent of them believed it would increase. The corresponding proportions were 31 and 28 per cent in December, and gloomy 24 and 55 per cent one year ago.

In January, seven per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 14 per cent thought it had grown. On the other hand, as many as one half, or 51 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, 14 and 47 per cent, and in January last year gloomy 5, 30 and 37 per cent.

Consumers estimated in January that consumer prices have risen by 3.8 per cent from the year before and would go up by 3.7 per cent over the next 12 months. Twelve months previously, these inflation estimates were 2.2 and 2.3 per cent, and their long-term averages are 3.1 and 2.9 per cent. In January, 43 per cent of consumers thought prices had risen much or fairly much over the year, and as many as 77 per cent of them expected prices to rise at least at the same rate over the coming months as well. The corresponding proportions were 14 and 60 per cent in last year's January.

Saving and taking out a loan

In January, 61 per cent of consumers thought the time was favourable for saving. Sixty-two per cent of households 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 January, 54 per cent of consumers regarded the time good for taking out a loan. Nineteen per cent of consumers were planning to raise a loan within one year. The average long-term proportion is 16 per cent.

Use of money

Twenty-six per cent of consumers considered the time favourable for buying durable goods in January. One year earlier the proportion was 33 per cent. Fourteen per cent of consumers planned on increasing and 33 per cent on reducing their spending on durable goods over the next 14 months. In December, the latter proportions were 12 and 33 per cent and in last year's January 14 and 33 per cent.

In January, 16 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. As many as 18 per cent of consumers considered buying a dwelling or building a house within one year. Twenty per cent of consumers were planning in January 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 2022, January. 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 27.1.2022