Household expectations concerning their own economy

Last updated 18/06/2020 - 08:03

Consumer confidence in their personal finances has decreased slightly

According to the Consumer Survey conducted by Statistics Finland in April 2020, slightly over half of all consumers believe that their own financial situation will improve over the next 12 months. The balance figure describing expectations concerning personal finances was approximately +2 for the entire country and +9 for the Helsinki Metropolitan Area. These figures are clearly lower compared to the start of the year when the corresponding figures were approximately +9 and +14. However, expectations concerning personal finances were still surprisingly positive, considering the circumstances. Indicators of consumers’ personal finances often tend to stay positive even when the national economy is struggling. The above balance figures are almost at the same level as during the financial crisis approximately 12 years ago.

Statistics Finland renewed the data collection method of the consumer confidence indicator in May 2019, and the figures are therefore not comparable with previous figures. The age categories of interviewees were altered a little bit and the sample size was reduced somewhat. The data content is also more limited, and all questions now concern the person themselves, not their household. The components of the new confidence indicator are: the consumer’s own current finances, the consumer’s own finances in 12 months, Finland’s economy in 12 months and the consumer’s spending on consumer durables in the next 12 months compared to the previous 12 months.