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Ukraine impact: Consumer confidence at lowest point in years

Christian Wenande
March 23rd, 2022


This article is more than 2 years old.

The public clearly believes that the economy will be in worse condition in the near future, according to report

The conflict in Ukraine has had quite the impact (photo: Danmarks Statistik)

Just a few weeks ago consumer confidence was sitting pretty. 

The Danish economy has been among the best in the world to weather the Corona Crisis – even managing to come out on the other side in better shape than before the pandemic started.

But the public’s optimism of future finances has been in freefall since Russia invaded Ukraine in late February.

The latest consumer confidence index figure from Danmarks Statistik showed levels were at minus 14.4 for March – the lowest it’s been since October 2008 when it was at -16.6.

READ ALSO: War in Ukraine to impact Denmark’s economy

Clouds on the financial horizon?
According to Danmarks Statistik, the sharp decline is due to significant drops in four of the five indicators that make up the overall consumer confidence level.

And in particular, consumer expectations for Denmark’s economy in a year’s time have waned considerably. 

Consumers expect their family financial situation to be substantially poorer a year from now – reflected by the indicators that show that it went from 0.5 last month to -26.0 today. 

Consumers also expect that it’s not beneficial to obtain larger consumer goods at the moment and unemployment will have risen this time next year.


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A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”