Consumer confidence remained weak in November 2024 – views on unemployment fairly gloomy

Consumer confidence in areas of residence and population groups

In November 2024, confidence in the economy was strongest in Greater Helsinki (CCI -3.7). Confidence was weakest in Eastern Finland (-11.6). Among population groups, upper-level salaried employees were most optimistic (0.1). In November, unemployed people clearly had the gloomiest expectations concerning economic development (-18.8).

Women (-10.0) described economic development in November as gloomier than men did (-4.9). More detailed information is available in the figures and database tables.

Consumers' own and Finland's economy

In November, consumers’ views on their own economy weakened slightly compared to October. Expectations concerning Finland's economy in 12 months’ time remained unchanged.

Consumers' views of their own economy at present and expectations concerning their own and Finland's economy were subdued in November. However, compared to one year ago, the picture of the economy in general has improved slightly.

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Twenty-six per cent of consumers thought in November that their own economy was weaker at the time of the survey than one year ago. Twenty-four per cent of consumers regarded their own economy stronger than in the previous year. As many as 64 per cent of consumers thought in November that Finland’s economic situation was now worse than one year earlier, and only nine per cent saw it as better.

In November, 22 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 38 per cent of them thought that our country’s economy would deteriorate. In all, 28 per cent of consumers believed in November that their own economy would improve and 17 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 dropped to a very pessimistic level in November. Only 12 per cent of consumers expected that unemployment would decrease over the next year and as many as 60 per cent reckoned it would increase.

Employed consumers (wage and salary earners and self-employed persons) reckoned in November that their personal threat of unemployment or lay-off was high. Four per cent of employed persons believed that their personal threat had lessened and over a quarter or 27 per cent thought the risk had grown. On the other hand, 39 per cent of employed persons felt in November that they were not threatened by unemployment or temporary lay-off at all.

Consumer prices

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

Consumers estimated in November that consumer prices have risen by 5.0 per cent from last year's November and would go up by 3.9 per cent over the next year. Altogether 64 per cent of consumers thought that consumer prices have risen much or fairly much over the year, and 53 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 November, the time was still regarded very poor for taking out a loan and also for saving. Twenty-eight per cent of consumers regarded the time favourable for taking out a loan and 41 per cent considered saving worthwhile. However, consumers' intentions to raise a loan were on the normal level in November. Sixteen per cent of consumers were planning to raise a loan within one year.

Consumers' assessment of their own financial situation was in November as good as the long-term average. Consumers estimated that they would have saving possibilities in the same way as usual in the coming months. Fifty-eight per cent of consumers had been able to lay aside some money and 71 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 12 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. Intentions to make purchases grew slightly compared to one year earlier, however. In November, 11 per cent of consumers estimated that they would increase and 40 per cent would reduce their spending on durable goods over the next 12 months.

In November, consumers’ intentions to buy a car in the next 12 months were on the normal level. Consumers had slightly fewer plans than usual to buy a dwelling and to renovate one's dwelling.

In November, 14 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Only 12 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 November 2024, a total of 1,237 persons participated in the Survey and the response rate was 57 per cent. Of the responses, 80 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.