Consumers' expectations concerning their own savings possibilities

Last updated 18/06/2020 - 08:04

Consumers are less confident concerning their personal saving possibilities

According to the April Consumer Survey by Statistics Finland, the share of consumers in the Helsinki Metropolitan Area who believe in their personal saving possibilities has declined from approximately 54 per cent in January to approximately 36 per cent. In the entire country the corresponding share declined from 44 per cent to 42 per cent. Decline has been sharper in the Helsinki Metropolitan Area than the entire country’s average. However, it should be noted that there has also previously been greater monthly variation in the figures of the Helsinki Metropolitan Area compared to those of the entire country.

Although many respondents still believed in their personal saving possibilities, consumers’ expectations concerning their personal saving possibilities are still lower than the average of the last ten years. The average for the past ten years (120 months) is 52.0 per cent for the Helsinki Metropolitan Area and 46.5 per cent for the entire country.

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.