Finnish shoppers were cautiously optimistic in June with half of respondents saying that they still consider their expenses while making a purchasing decision, according to the latest consumer research from S Group.
Consumers have saved the most on foreign travel, cultural services, eating out, electricity consumption, and adult clothes, the study revealed.
More than half (56%) of respondents consider the price of food, with the most popular means of saving being promotional offers (77%), buying cheaper food (67%), opting for the store's own brands (67%), and avoiding impulse purchases (64%).
Sampo Päällysaho, director of S Group's grocery trade, stated, "This is a longer continuum, where until now we have mainly seen a decreasing signal in consumers' purchase intentions.
"Now, however, there is also a glimmer of optimism in the latest results, when the fierce rise in prices has subsided and interest rates have slowly started to fall."
The cautious optimism among consumers follows a long, gloomy period, the retailer added.
The proportion of consumers who have had to reduce or give up buying certain food items has slightly declined, and fewer people feel that the price of their shopping basket has increased.
Domestic Products
The survey also revealed an increasing demand for domestic products.
Päällysaho added, "The domesticity of food is important to us Finns, even in tight times. In the latest survey, 39% of respondents say they prefer to buy domestic products and thus support domestic producers, even if the products are more expensive than foreign ones.
"As recently as January, this share was 36%. At the same time, the proportion of consumers for whom looking for the cheapest option is more important than preferring domesticity decreased by two percentage points, from 55% to 53%."
The demand for local products was also seen in S group's grocery stores - Prisma, S-market, Sale, Alepa, and Food Market Herkku.
The Kotimaista private-label brand saw an increase in sales for its grilled meats, mayonnaise, beer SKUs, spinach soup, voisilmä buns, and ice creams, the retailer added.
