Published: 27 May 2021

Consumer confidence remained on strong level in May

In May the consumer confidence indicator (CCI) stood at 2.7, while in April it was 3.8 and in March -3.0. In last year’s May the CCI received the value -9.0. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 990 persons resident in Finland responded between 1 and 19 May.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, only expectations regarding Finland's economy improved in May from April. Expectations concerning consumers’ own economy remained almost unchanged. The other components weakened in a month. Compared to last year’s May, all four components of the CCI were now clearly on a better level.

Of the components of the CCI, consumers' expectations concerning their own economy and intentions to spend money on durable goods were very strong in May. The estimates concerning the future development of Finland’s economy were also fairly bright. In May, consumers’ views on the present state of their own economy were on the long-term average level.

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

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

Consumers’ expectations concerning the development of the general unemployment situation in Finland also became ever brighter in May. This was also more or less the case for views of the personal threat of unemployment or temporary lay-off experienced by employed, that is, wage and salary earners and self-employed persons at the time of the survey. In May, consumers’ estimates of the growth trend of consumer prices over the coming months rose clearly, close to their long-term average.

Consumers considered their own financial situation to be still excellent in May. The time was regarded very favourable for saving, also good for taking out a loan and moderate for buying durable goods. Saving possibilities were expected to be very high in the coming months.

In May, considerably many still intended to take out a loan within one year. As in the past few months, consumers also had considerably plenty of plans to buy a dwelling. Very many were also considering renovating their dwelling and several buying a car during the next 12 months.

Consumer confidence by major region and population group

In May, consumer confidence in the economy was by far strongest in Greater Helsinki (CCI 10.0) and weakest in Western and Eastern Finland (-0.7 and -0.6). Among population groups, upper-level salaried employees were clearly most optimistic (11.5). Pensioners (-3.3) and unemployed persons (-3.1) had the most pessimistic views concerning economic development. The CCI received the value 0.0 among self-employed persons in May.

Consumer confidence in the economy usually decreases with the person’s age, and correspondingly the confidence typically increases as income grows. Men are likely to have better confidence in the economy than women. More detailed information is available 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 balance figure, the brighter the view on the economy.


Source: Consumer Confidence 2021, May. Statistics Finland

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

Head of Department in charge: Hannele Orjala

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Updated 27.5.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. May 2021. Helsinki: Statistics Finland [referred: 19.6.2021].
Access method: http://www.stat.fi/til/kbar/2021/05/kbar_2021_05_2021-05-27_tie_001_en.html