Consumer confidence remained low in September 2024 – many worried about unemployment

Consumer confidence in areas of residence and population groups

In September, consumer confidence was strongest in Western Finland (CCI -6.1). Confidence was weakest in Eastern Finland (-10.9). Of population groups, self-employed persons were most optimistic (-1.6). Unemployed persons had the gloomiest expectations concerning economic development (-19.4).

Women (-10.5) described economic development in September as gloomier than men did (-5.6). More detailed information is available in the figures and database tables.

Consumers' own and Finland's economy

In September, consumers' views on their own and Finland's economy weakened slightly compared to August but improved a little from one year ago.

Both the estimates of the economy at present and expectations concerning the development of consumers’ own economy were on a very weak level. Consumers' expectations concerning Finland's economy in 12 months' time were subdued in September.

Content is being loaded

Twenty-eight per cent of consumers thought in September that their own economy was weaker at the time of the survey than one year ago. Twenty-three per cent of consumers regarded their own economy stronger than in the previous year. As many as 62 per cent of consumers thought in September that Finland’s economic situation was now worse than one year earlier, and only 10 per cent saw it as better.

In September, 22 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while as many as 39 per cent of them thought that our country’s economy would deteriorate. Altogether 27 per cent of consumers believed in September 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 nearly unchanged and on a weak level in September. Only 13 per cent of consumers expected that unemployment would decrease over the next year, and over one half, 55 per cent believed it would increase.

Employed consumers (wage and salary earners and self-employed persons) reckoned in September that their personal threat of unemployment or lay-off was still fairly high. Five per cent of employed persons believed that their personal threat had lessened and 27 per cent thought the risk had grown. On the other hand, 42 per cent of employed persons felt in September that they were not threatened by unemployment or temporary lay-off at all.

Consumer prices

In September, consumers' estimates of the inflation at the time of the survey and concerning price changes in one year's time were nearly unchanged and fairly high.

Consumers estimated in September that consumer prices have risen by 4.9 per cent from last year's September and would go up by 3.9 per cent over the next year. Altogether 60 per cent of consumers thought that consumer prices have risen much or fairly much over the year, and as many as 56 per cent of them expected prices to rise at least at the same rate over the coming months as well.

Financial situation, saving and raising a loan

In September, the time was still regarded very poor for taking out a loan and also for saving. Just 24 per cent of consumers regarded the time favourable for taking out a loan and 39 per cent considered saving worthwhile. However, slightly more than usual were planning to raise a loan in September. Seventeen per cent of consumers were planning to take out a loan within one year.

Consumers' assessment of their own financial situation was still somewhat better in September than the long-term average. Consumers estimated that they would have as many saving possibilities as usual in the coming months. Sixty per cent of consumers had been able to lay aside some money and 73 per cent believed they would be able to do so during the next 12 months.

Spending and intentions to make large purchases

In September, the time was considered even more unfavourable than before 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 low in September. Intentions to make purchases grew slightly compared to one year earlier, however. In September, 12 per cent of consumers estimated they would increase and 38 per cent reduce their spending on durable goods over the next 12 months.

In September, slightly more consumers than usual were for a change thinking of buying a car in the next 12 months. Plans to buy a dwelling remained almost unchanged and subdued. In addition, slightly fewer than average were planning to renovate their dwelling.

In September, 15 per cent of consumers were either definitely or possibly going to buy a passenger car during the next 12 months. Only 11 per cent of consumers considered buying a dwelling or building a house. Sixteen 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 self-filled web questionnaire and by telephone interviews. Answers are mainly given by means of answer options. In September 2024, a total of 1,268 persons participated in the Survey and the response rate was 58 per cent. Of the responses, 78 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.