Consumer confidence did not weaken any more in November 2023

Consumer confidence in areas of residence and population groups

In November, consumer confidence was strongest in Greater Helsinki (CCI -9.9). Confidence was weakest in Eastern Finland (-15.5). Among population groups, upper-level salaried employees were most optimistic in November (-7.1). Unemployed persons had the gloomiest expectations concerning economic development (-19.6). More detailed information is available in the database tables and the figures on the statistics pages.

Consumers' own and Finland's economy

In November, consumers’ views concerning their own economy at present and also their expectations concerning their own and Finland's general economy in 12 months' time were still very weak.

Views concerning consumers’ own economy at present deteriorated slightly in November from October, while expectations concerning it improved. Expectations concerning Finland's economy remained unchanged. Consumers’ views on their own economy at present weakened slightly in November also compared to the corresponding period of the previous year. In turn, their expectations concerning their own and Finland's economy improved clearly in a year.

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As many as 34 per cent of consumers thought in November that their own economy was weaker than one year ago. Twenty-two per cent of consumers regarded their own economy stronger at the time of the survey than one year ago. As many as 71 per cent of consumers thought that Finland’s economy is now worse than one year earlier, and only three per cent saw it as better.

In November, only 17 per cent of consumers believed that Finland’s economic situation would improve in the coming 12 months, while nearly one half, or 45 per cent of them thought that our country’s economy would weaken. In all, 27 per cent of consumers believed in November that their own economy would improve and 19 per cent of them feared it would worsen over the year.

Unemployment and its threat

Consumers' expectations concerning the development of the general unemployment situation in Finland remained unchanged in November and on a dismal level. Only 11 per cent of consumers expected that unemployment would decrease over the next year and as many as 61 per cent reckoned it would increase.

In November, employed consumers (wage and salary earners and self-employed persons) also felt that their personal threat of unemployment or temporary lay-off had remained unchanged. The threat was estimated to be slightly greater than the long-term average. Four per cent of employed persons believed that their personal threat had lessened and 22 per cent thought the risk had grown. On the other hand, 45 per cent of employed persons felt in November that they were not threatened by unemployment or temporary lay-off at all.

Inflation

In November, consumers' estimates of the inflation at the time of the survey and concerning price changes in one year's time fell slightly but were still on a high level.

Consumers estimated in November that consumer prices have risen by 6.8 per cent from last year's November and would go up by 4.2 per cent over the next year. Altogether 78 per cent of consumers thought that prices had gone up much or fairly much over the year. Clearly fewer, or 36 per cent of consumers expected prices to rise at least at the same rate in the coming months as well.

Financial situation, saving and raising a loan

In November, the time was still regarded very poor for taking out a loan and also for saving. Eleven per cent of consumers regarded the time favourable for taking out a loan and 38 per cent considered saving worthwhile. At the same time, there were still slightly fewer intentions to raise a loan in November than usual. Fifteen per cent of consumers were planning to raise a loan within one year.

Consumers' estimate of their own financial situation improved slightly in November to the average level. Consumers estimated that they would have slightly fewer saving possibilities in the coming months than in general. Fifty-six per cent of consumers had been able to lay aside some money and 70 per cent believed they would be able to do so during the next 12 months.

Spending and intentions to make large purchases

In November, the time was still regarded very unfavourable for buying durable goods. Only 10 per cent of consumers thought the time was favourable for making expensive purchases.

Consumers’ intentions to spend money on durable goods in the next 12 months continued very low in November. There was not much change in purchase intentions compared to October and one year ago. Just nine per cent of consumers planned on increasing and nearly one half, or 45 per cent on reducing their spending on durable goods over the next 12 months.

Plans to buy a car during the year were still lower than usual in November. Intentions to buy a dwelling rose slightly but were still slightly below the long-term average. At the same time, even fewer consumers were considering renovating their dwelling in November.

In November, 13 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Twelve per cent of consumers considered buying a dwelling or building a house. Fourteen per cent of consumers were planning to spend money on renovating their dwelling during the next 12 months.

Data set for the statistics

The Consumer Confidence Survey is carried out with a web questionnaire and by telephone interviews. Answers are mainly given by means of answer options. In November 2023, a total of 1,240 persons participated in the Survey and the response rate was 56.7 per cent. Of the responses, 79 per cent came from the web questionnaire.

The components of the consumer confidence indicator (CCI) are: own economy now, own economy in 12 months, Finland's economy in 12 months and own intentions to buy durable goods in the next 12 months.

EU results

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