Income and Expenditure: Finland

September 2021

Gross income in Finland is expected to grow at a steady pace over 2021-2040, despite some short-term turbulences caused by the COVID-19 pandemic. The senior and middle-aged population will enjoy both the largest and the fastest rising incomes, driving expenditure on leisure, health and housing. Despite the country being one of the most equal in the world, the ageing society is expected to raise the income gap and spur wealth accumulation among the wealthy part of the population.

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Overview:

The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

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The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Income and Expenditure: Finland

HEADLINES

PROSPECTS

Middle-aged and senior population expected to enjoy the highest incomes
Strong middle class set to keep social inequalities to a minimum
Consumer expenditure sees turbulence due to COVID-19 pandemic, but is set to normalise swiftly
Lack of progressive taxation helps to accumulate wealth among the rich
Chart 1 Annual Gross Income Distribution by Age in Finland: 2020 Chart 2 Distribution of Income in Finland: Key Metrics 2020-2040 Chart 3 Gross Income Growth Index in Finland 2020-2040 Chart 4 Average Gross Income by Age in Finland: 2020-2040 Chart 5 Population by Income Bracket in 2040 Chart 6 Gini Index 2020/2040 Chart 7 Households by Disposable Income (PPP) over 2020-2040 Chart 8 Overview of Finland’s Social Classes Chart 9 Social Class D by Age: 2020/2040 Chart 10 Consumer Market and Spending in Finland: Key Metrics 2040 Chart 11 Consumer Expenditure in Top Regions: Size in 2040 and Growth over 2015-2040 Chart 12 Urban/Rural Consumer Expenditure in 2040 Chart 13 Household Expenditure in 2020 Chart 14 Consumer Spending by Category in Finland 2020-2040: USD per Household Chart 15 Index of Consumer Prices in Finland over 2010-2020 Chart 16 Household Expenditure by Category in Finland: 2040 Chart 17 Finland’s Wealth Landscape: 2020-2030
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