Consumers’ confidence in their own economy strengthened slightly in October 2024 – but no enthusiasm for spending money

Consumer confidence in areas of residence and population groups

In October 2024, confidence in the economy was strongest in Greater Helsinki (CCI -2.4). Confidence was weakest in Northern Finland (-10.6). Among population groups, upper-level salaried employees were most optimistic (1.0). In October, pensioners clearly had the gloomiest expectations concerning economic development (-17.6).

Women (-8.9) described economic development in October as gloomier than men did (-4.7). More detailed information is available in the figures and database tables.

Consumers' own and Finland's economy

In October 2024, consumers’ views on their own economy improved compared to September and especially compared to one year ago. Consumers' expectations concerning Finland's economy in 12 months' time remained almost unchanged but improved from twelve months back.

Views on consumers' own economy at present and expectations concerning Finland's economy were still fairly weak in October. By contrast, expectations concerning one's own economy already reached the long-term average level.

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Twenty-seven per cent of consumers thought in October that their own economy was weaker at the time of the survey than one year ago. Nearly as many consumers, 26 per cent, considered their own economy stronger than one year earlier. Sixty-two per cent of consumers thought in October that Finland’s economic situation was now worse than one year earlier, and only 10 per cent saw it as better.

In October, just 21 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 39 per cent of them thought that our country’s economy would deteriorate. As many as 30 per cent of consumers believed in October that their own economy would improve and just 18 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 on a weak level in October. Only 14 per cent of consumers expected that unemployment would decrease over the next year, and good one half, 59 per cent believed it would increase.

Employed consumers (wage and salary earners and self-employed persons) reckoned in October that their personal threat of unemployment or lay-off was fairly high. Five per cent of employed persons believed that their personal threat had lessened and 24 per cent thought the risk had grown. On the other hand, 39 per cent of employed persons felt in October that they were not threatened by unemployment or temporary lay-off at all.

Consumer prices

In October, consumers' estimates of the inflation at the time of the survey and concerning price changes in one year's time rose a little and were fairly high.

Consumers estimated in October that consumer prices have risen by 5.1 per cent from last year's October and would go up by 4.0 per cent over the next year. Altogether 63 per cent of consumers thought that consumer prices have risen much or fairly much over the year, and 51 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 October, the time was still regarded very poor for taking out a loan and unfavourable also for saving. Twenty-eight per cent of consumers regarded the time favourable for taking out a loan and 40 per cent considered saving worthwhile. However, consumers' intentions to raise a loan were similar to usual in October. Sixteen per cent of consumers were planning to raise a loan within one year.

Consumers' assessment of their own financial situation was somewhat better in October than the long-term average. Consumers estimated that their saving possibilities would be similar to usual in the coming months. Fifty-eight per cent of consumers had been able to lay aside some money and 72 per cent believed they would be able to do so during the next 12 months.

Spending and intentions to make large purchases

In October, the time was still regarded – despite a slight recovery – as very unfavourable for buying durable goods. Only 11 per cent of consumers thought the time was favourable for making expensive purchases.

Consumers' intentions to spend money on durable goods within one year continued in October even lower than in the previous month. Intentions to make purchases grew slightly compared to one year earlier, however. In October, 12 per cent of consumers estimated they would increase and as many as 40 per cent reduce their spending on durable goods over the next 12 months.

In October, consumers were thinking of buying a car as much as usual in the next 12 months. Plans to buy a dwelling finally increased to the long-term normal level. Slightly fewer than average were planning to renovate their dwelling.

In October, 14 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Thirteen per cent of consumers considered buying a dwelling or building a house. Fifteen 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 October 2024, a total of 1,253 persons participated in the Survey and the response rate was 58 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.