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Published: 27 January 2021

Consumer confidence in January strongest in over two years

The consumer confidence indicator (CCI) rose in January above its long-term average, -1.8. The CCI stood at -0.9, having been -4.6 in December and -4.8 in November. In last year's January, the CCI received the value -4.6. Consumer confidence in the economy has last been stronger in October 2018, when the CCI was 0.1. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,065 persons resident in Finland responded between 1 and 19 January.

Consumer confidence indicator (CCI)

Consumers’ confidence in all four components of the CCI improved in January from December. Expectations about Finland’s economic development strengthened most. Compared to the corresponding period last year, only estimates concerning consumers’ own economy at present weakened slightly in January. The other CCI components also improved within the year, expectations concerning Finland's economy most clearly.

Consumers’ expectations of their own economy were very bright in January and they had a good deal of intentions to spend money on durable goods. Estimates concerning consumers’ own economy at present and expectations of Finland's economic development were in January on the long-term average level.

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers' expectations concerning the development of the unemployment situation in Finland also improved in January but were still on a gloomy level. Views continued to be dismal about the personal threat of unemployment or lay-off experienced by employed consumers, that is, wage and salary earners and self-employed persons, at the time of the survey. Consumers' estimate of the growth rate of consumer prices in the coming months remained unchanged in January and clearly below its average.

In January, consumers considered their own financial situation to be still excellent. The time was again regarded as good for saving and also moderate for buying durable goods and for taking out a loan. In addition, very many were going to take out a loan in January. Consumers still had plenty of plans of buying a dwelling. In addition, many were considering renovating their dwelling.

Consumer confidence by major region and population group

In January, consumer confidence in the economy was strongest in Greater Helsinki (CCI 2.6) and weakest in Eastern Finland (-7.4). Of population groups, workers were most optimistic (5.0). Pensioners had the most pessimistic views concerning economic development (-8.0). The confidence indicator received the value -5.0 among self-employed persons in January.

Consumer confidence in the economy usually decreases with the person’s age, and correspondingly the confidence typically increases as income grows. Men are likely to have better confidence in the economy than women. More detailed information is available in the Database tables .

EU results

The (seasonally adjusted) survey results concerning economic expectations for all EU countries are released monthly on the European Commission website: Press releases .

Concepts

The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator (CCI/A1) is the average of the balance figures for the CCI components. The components of the CCI are: consumer's own economy now (B1), consumer's own economy in 12 months (B2), Finland's economy in 12 months (B4) and consumer's spending money on major purchases in the next 12 months compared to the past 12 months (E1). The balance figures and the confidence indicator can range between -100 and +100 – the higher (positive) balance figure, the brighter the view on the economy.

Source: Consumer Confidence 2021, January. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

Publication in pdf-format (413.1 kB)

Reviews

• 1. Examination of response distributions (27.1.2021)
• 2. Method of the Consumer Confidence Survey (27.1.2021)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Consumers' views and intentions 1) (27.1.2021)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.1.2021)
• Appendix figure 2. Own economy (27.1.2021)
• Appendix figure 3. Finland's economy (27.1.2021)
• Appendix figure 4. Inflation (27.1.2021)
• Appendix figure 5. Unemployment (27.1.2021)
• Appendix figure 6. Favourability of time for (27.1.2021)
• Appendix figure 7. Own financial situation and saving possibilities (27.1.2021)
• Appendix figure 8. Intention to raise a loan, next 12 months (27.1.2021)
• Appendix figure 9. Spending on durables, next 12 months vs. last 12 months (27.1.2021)
• Appendix figure10. Intentions to buy, next 12 months (27.1.2021)

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Updated 27.1.2021