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Published: 28 January 2019

Consumers strongly confident in their own economy

Consumers’ confidence in the economy remains on a good level. The consumer confidence indicator (CCI) stood at 17.2 in January, having been 16.1 in December and 18.3 in November. Last year in January, the CCI received the value 24.2. The long-term average for the CCI is 12.7. The data are based on Statistics Finland’s Consumer Survey, for which 1,154 people resident in Finland were interviewed between 2 and 18 January.

Consumer confidence indicator (CCI)

Of the four components of the CCI, consumers' expectations concerning their own economy and saving possibilities improved in January compared with December. Expectations concerning them were very bright, brighter than ever for saving. By contrast, views concerning Finland's economy and the development of unemployment remained unchanged in January. Views about unemployment were moderate but expectations concerning Finland’s economy were pessimistic.

Compared with the corresponding period of last year, confidence in Finland’s economy and unemployment decreasing weakened in January. Views about their own economy in turn remained unchanged and assessments about saving possibilities also improved clearly in a year.

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

In January, consumers considered their household’s financial situation to be very good. Employed consumers felt that their personal threat of unemployment has still decreased slightly in recent times. The time was regarded very favourable for saving and good also for buying durable goods but not for taking out a loan. Intentions to spend money on durable goods were very subdued in January.

Consumer confidence by major region and population group

In January, consumers’ confidence in the economy was strongest in Northern Finland (CCI 19.8) and weakest in Eastern Finland (12.2). Among population groups, lower-level salaried employees were most optimistic (25.1). Pensioners had the gloomiest expectations concerning economic development (8.6).

EU results

The (seasonally adjusted) Consumer Survey results 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 (see Methodological description ). The consumer confidence indicator (CCI) is the average of the balance figures for the CCI components. The components are: own economy, Finland’s economy, general unemployment and household’s saving possibilities (all concerning next 12 months). 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 Survey 2019, January. Statistics Finland

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

Director in charge: Jari Tarkoma

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Appendix tables

• Appendix table 1. Consumers' views and intentions (28.1.2019)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (28.1.2019)
• Appendix figure 2. Micro and macro indicators (28.1.2019)
• Appendix figure 3. Own economy (28.1.2019)
• Appendix figure 4. Finland's economy (28.1.2019)
• Appendix figure 5. Inflation (28.1.2019)
• Appendix figure 6. Unemployment (28.1.2019)
• Appendix figure 7. Favourability of time for (28.1.2019)
• Appendix figure 8. Household's financial situation and saving possibilities (28.1.2019)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (28.1.2019)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (28.1.2019)
• Appendix figure 11. Household's intentions to buy, next 12 months (28.1.2019)

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Updated 28.1.2019