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Latest publication: Consumer Confidence 2022, March

Published: 29 November 2021

Consumer confidence has fallen slightly – inflation acceleration in sight

The consumer confidence indicator (CCI) stood at 1.2 in November, having been 2.7 in October and 6.0 in September. In last year’s November the CCI received the value -4.8. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,029 persons resident in Finland responded between 1 and 18 November.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, consumers’ views of their own economy at present were very bright in November. In addition, consumers had plenty of intentions to buy durable goods. Expectations of their own economy in 12 months were also fairly bright. The estimate on the development of Finland's economy in the next few months corresponded to the long-term average in November.

Compared to October, expectations of consumers’ own and, in particular, Finland’s economy weakened in November. The other two components improved slightly. Compared to November last year, all components were now on a better level, especially expectations concerning Finland’s economy in 12 months.

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 remained unchanged and very bright in November. This was more or less 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 November, consumers’ estimates and expectations concerning the growth rate of consumer prices, i.e. inflation, already clearly exceeded the long-term average.

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

In November, consumers still had plenty of intentions to buy or build a dwelling. In addition, very many consumers had plans for home repairs. Many were also considering buying a car during the next 12 months. As in the past few months, interest in raising a loan also was also notably common in November.

Consumer confidence by major region and population group

In November, consumer confidence was, as usual, clearly strongest in Greater Helsinki (CCI 8.1). This time, confidence was weakest in Northern Finland (-3.4). Among population groups, upper-level salaried employees were most optimistic in November (10.0). Pensioners had the gloomiest expectations concerning economic development (-8.2).

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, November. 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 29.11.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. November 2021. Helsinki: Statistics Finland [referred: 5.7.2022].
Access method: http://www.stat.fi/til/kbar/2021/11/kbar_2021_11_2021-11-29_tie_001_en.html