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1. Examination of response distributions

Consumers' own and Finland's economy

More than half or 52 per cent of consumers thought in February that Finland's economy was now worse than a year ago and only 17 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 27 per cent of consumers regarded their own economy stronger in February than one year ago. The proportions concerning consumers’ own economy were 18 and 27 per cent in January and gloomy 25 and 22 per cent one year ago.

In February, as many as 30 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 31 per cent of them thought that the country’s economy would deteriorate. One month previously, the corresponding proportions were 23 and 34 per cent and in last year's February 36 and 34 per cent.

In all, 30 per cent of consumers believed in February that their own economy would improve in future, while 13 per cent of them feared it would worsen over the year. In January, the respective proportions were 30 and 11 per cent and twelve months ago 33 and 11 per cent.

Unemployment and inflation

As many as 41 per cent of consumers expected in February that general unemployment in Finland would decrease over the next year. Only 25 per cent of consumers thought unemployment would increase. In January, the respective proportions were 30 and 35 per cent and twelve months ago gloomy 24 and 56 per cent.

In February, six per cent of employed persons believed that their personal threat of unemployment or temporary lay-off had lessened over the past few months, whereas 13 per cent thought it had grown. On the other hand, more than half or 52 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 7, 14 and 51 per cent, and in February last year gloomy 5, 25 and 39 per cent.

Consumers estimated in February that consumer prices have risen by 4.4 per cent from the year before and would go up by 3.9 per cent over the next 12 months. Twelve months previously, these inflation estimates were 2.3 and 2.4 per cent, and their long-term averages are 3.1 and 2.9 per cent. In February as many as one-half of consumers, 51 per cent thought consumer prices have risen much or fairly much over the year, and 71 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 58 per cent in last year's February.

Saving and taking out a loan

In February, 58 per cent of consumers thought the time was favourable for saving. Sixty-five per cent of consumers had been able to lay aside some money and 79 per cent believed they would be able to do so during the next 12 months.

In February, 49 per cent of consumers regarded the time good for taking out a loan. The proportion was still 54 per cent in January. Eighteen 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

In February, only 25 per cent of consumers considered the time favourable for buying durable goods. One year earlier the proportion was 34 per cent. Fifteen per cent of consumers planned on increasing and 30 per cent on reducing their spending on durable goods over the next 15 months. In January, the latter proportions were 14 and 33 per cent and in last year's February 16 and 30 per cent.

In February, 15 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Seventeen per cent of consumers considered buying a dwelling or building a house within one year. Eighteen per cent of consumers were planning in February 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, February. 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 25.2.2022