Published: 27 September 2021

Consumer confidence almost strongest ever in September

The consumer confidence indicator (CCI) stood at 6.0 in September, having been 4.0 in August and 4.4 in July. During its measuring history from 1995 to 2021, confidence in the economy has been slightly stronger (6.8) only in December 2017. Last year in September, the CCI received the value -5.9. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,015 persons resident in Finland responded between 1 and 19 September.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

All four components of the CCI were very strong in September. Consumers’ views of their own economy at present were brightest in the entire measuring history, 1995 to 2021.

Compared with August, expectations concerning Finland's economic development improved in September. The other components, that is, expectations and views concerning consumers’ own economy at present and intentions to buy consumer durables, remained more or less unchanged. Compared with September last year, all four components of the CCI were now on a significantly stronger level, most clearly expectations concerning Finland's economy.

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 very bright in September. This was also the case for views of the personal threat of unemployment or temporary lay-off experienced by the employed, that is, wage and salary earners and self-employed persons at the time of the survey. In September, consumers’ anticipation of the growth rate of consumer prices, i.e. inflation in 12 months, was on level with its long-term average.

As in previous months, consumers regarded their own financial situation to be excellent in September. The time was considered very favourable for saving, also favourable for raising a loan and reasonable for buying durable goods. Saving possibilities were expected to be still fairly high in the coming months.

In September, consumers’ intentions to buy a dwelling in 12 months were record high. Many consumers also had plans for home repairs. In addition, very many considered buying a car during the next 12 months. As in the past few months, interest in raising a loan also was notably common in September.

Consumer confidence by major region and population group

In September, consumer confidence in the economy was, as usual, clearly strongest in Greater Helsinki (CCI 11.3) and weakest in Eastern Finland (1.6). Among population groups, upper-level salaried employees were most optimistic (13.1). In September unemployed persons (-3.1) and pensioners (-2.3) had the gloomiest expectations concerning economic development.

Consumer confidence 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, September. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tara Junes 029 551 3322, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 27.9.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. September 2021. Helsinki: Statistics Finland [referred: 17.10.2021].
Access method: http://www.stat.fi/til/kbar/2021/09/kbar_2021_09_2021-09-27_tie_001_en.html