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Published: 27 August 2019

Consumers’ views still downcast

The consumer confidence indicator (CCI) stood at -4.5 in August, whereas in July it was -3.9 and in June -4.6. Last year in August, the CCI received the value 2.3. The average for the CCI since January 2018 is 0.0. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,081 persons resident in Finland responded between 1 and 19 August. The survey methods were revised in May.

Consumer confidence indicator (CCI)

Of the four components of the CCI, only the assessment concerning consumers’ own current economic situation improved somewhat in August compared to July. The other components deteriorated slightly. The expectations on Finland’s economy were very pessimistic. At the same time, the views on consumers’ own economy both now and in the future were subdued. Intentions to spend money on durable goods were slightly higher than average in August.

Compared with the corresponding period last year, all the components of the CCI, apart from spending, weakened in August. Especially the expectations on Finland’s economy plummeted over the year.

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

In August, consumers expected the general employment situation to darken in the near future. Employed consumers felt that also their personal threat of unemployment has increased in recent times. On the other hand, nearly every second employed person did not experience any threat.

In August, consumers considered their own financial situation to be average. The time was, in general, regarded favourable for raising a loan but not for buying durable goods and especially not for saving.

Consumer confidence by major region and population group

In August, consumers’ confidence in the economy was weak especially in Eastern Finland (CCI -9.6). Among population groups, upper-level salaried employees were most optimistic (2.7). Pensioners had the gloomiest expectations concerning economic development (-14.7). Confidence in the economy usually lessens with the person’s age. Correspondingly, the confidence strengthens with education and income. More detailed information is found in the Database tables .

EU results

The (seasonally adjusted) survey results concerning economic expectations 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. The consumer confidence indicator (CCI/A1) is the average of the balance figures for the CCI components. The components of the CCI are: consumer's own economy now (B1), consumer's own economy in 12 months (B2), Finland's economy in 12 months (B4) and consumer's spending money on major purchases in the next 12 months compared to the past 12 months (E1). 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 Confidence 2019, August. Statistics Finland

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

Director in charge: Jari Tarkoma

Publication in pdf-format (316.1 kB)

Reviews

• Review (27.8.2019)

Tables

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• Database tables and their variables
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Appendix tables

• Appendix table 1. Consumers' views and intentions 1) (27.8.2019)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.8.2019)
• Appendix figure 2. Own economy (27.8.2019)
• Appendix figure 3. Finland's economy (27.8.2019)
• Appendix figure 4. Inflation (27.8.2019)
• Appendix figure 5. Unemployment (27.8.2019)
• Appendix figure 6. Favourability of time for (27.8.2019)
• Appendix figure 7. Own financial situation and saving possibilities (27.8.2019)
• Appendix figure 8. Intention to raise a loan, next 12 months (27.8.2019)
• Appendix figure 9. Spending on durables, next 12 months vs. last 12 months (27.8.2019)
• Appendix figure10. Intentions to buy, next 12 months (27.8.2019)

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Updated 27.8.2019