Household expectations concerning their own economy

Last updated 18/03/2021 - 12:41

Consumer confidence in personal finances increased slightly

According to the first Consumer Survey conducted by Statistics Finland in 2021, consumers remain confident that their economic situation will remain fairly stable regardless of the COVID-19 pandemic. In January, the balance figure describing expectations concerning consumers’ personal finances was approximately +10.8 for the entire country and +18.4 for the Helsinki Metropolitan Area. These figures are clearly higher than those measured in autumn 2020 and also slightly higher than the long-term average.

Consumers’ expectations of their personal finances don’t seem to be affected by changes in the general economic situation. Even in the current situation, people’s expectations for their personal finances have changed only slightly, despite the same respondents believing that the country’s financial and employment situation will improve by the end of the year. As a matter of fact, this is quite natural as wages tend to change only a little over a period of one year.

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.