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1. Examination of response distributions

Consumers' own and Finland's economy

More than one half or 58 per cent of consumers thought in March that Finland's economy was now worse than a year ago and only 13 per cent of consumers felt that it was better. Twenty-two per cent of consumers thought that their own economy is at the moment worse than one year ago. Slightly more, or 25 per cent of consumers regarded their own economy stronger in March than one year ago. The proportions concerning consumers’ own economy were 19 and 27 per cent in February and 19 and 24 per cent one year ago.

In March, only 13 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while as many as 61 per cent of them thought that the country’s economy would deteriorate. One month earlier, the corresponding proportions were 30 and 31 per cent and in last year's March 27 and 42 per cent.

In all, 26 per cent of consumers believed in March that their own economy would improve in future, but as many as 21 per cent now feared it would worsen over the year. In February, the corresponding proportions were 30 and 13 per cent and twelve months ago very bright 32 and 11 per cent.

Unemployment and inflation

Only 22 per cent of consumers expected in March that general unemployment in Finland would decrease over the next year. Forty per cent of consumers thought that unemployment would increase. In February, the respective proportions were 41 and 25 per cent and one year ago gloomy 20 and 62 per cent.

In March, eight per cent of employed persons believed that their personal threat of unemployment or lay-off had lessened over the past few months, whereas 15 per cent thought it had grown. On the other hand, nearly one half, or 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 6, 13 and 52 per cent, and in March last year very gloomy 5, 25 and 38 per cent.

Consumers estimated in March that consumer prices have risen by 4.8 per cent from the year before and would go up by as much as 5.4 per cent over the next 12 months. In February, these inflation estimates were 4.4 and 3.9 per cent and twelve months ago 2.3 and 2.5 per cent. Their long-term averages are 3.1 and 2.9 per cent.

In March, over one half of consumers, 58 per cent, thought consumer prices have risen much or fairly much over the year, and as many as 89 per cent of them expected prices to rise at least at the same rate over the coming months as well. The corresponding proportions were 15 and 63 per cent in last year's March.

Saving and taking out a loan

In March, 55 per cent of consumers thought the time was favourable for saving. Sixty-six 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 March, only 34 per cent of consumers regarded the time good for taking out a loan. The proportion was 49 per cent still in February. However, 18 per cent of consumers were still planning to take out a loan within one year. The average long-term proportion is 16 per cent.

Use of money

In March, only 21 per cent of consumers considered the time favourable for buying durable goods. One year earlier the proportion was 31 per cent. Thirteen per cent of consumers planned on increasing and 37 per cent on reducing their spending on durable goods over the next 12 months. In February, the latter proportions were 15 and 30 per cent and in last year's March 15 and 33 per cent.

In March, 14 per cent of consumers were either definitely or possibly going to buy a car in the next 12 months. Seventeen per cent of consumers considered buying a dwelling or building a house. Equally many, or 17 per cent were planning in March 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, March. 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 28.3.2022