Consumer confidence has weakened along with an all-time high inflation. This has affected consumer behaviour, and especially consumer spending may change in the long run. Energy and fuel prices as well as labour costs are increasing, too. Since its onset at the end of 2021, inflation has been accelerating, driven by the heavy sanctions against Russia.
In the first quarter of 2022, consumers were preparing for a crisis by hoarding pharmaceuticals especially in Sweden and societies enhanced their pharmaceutical reserves, as well. During the second quarter, market demand returned to a more normal level.
The COVID-19 pandemic is continuing in Finland and Sweden and is still impacting Oriola’s operating environment. Despite this, the market recovery continued during the second quarter and the volume demand for both pharmaceuticals and other health and wellbeing products was above the 2019 levels. At the end of the second quarter, the COVID-19 infection levels started to rise again.