Published: 28 August 2017

Consumer confidence continued as strong in August

The consumer confidence indicator (CCI) stood at 23.5 in August, whereas in July it was 22.8 and in June 23.9. Last year in August, the CCI received the value 15.7. The long-term average for the CCI is 12.1. The data are based on Statistics Finland’s Consumer Survey, for which 1,213 people resident in Finland were interviewed between 1 and 18 August.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the components of the CCI, consumers’ expectations concerning household’s saving possibilities improved in August from July. In contrast, views on their own economy in general somewhat weakened. Expectations concerning Finland’s economy and the development of unemployment remained about the same. Compared with the corresponding period last year, the CCI components improved or stayed at the same level in August.

In August, consumers’ expectations of Finland’s economic situation and unemployment stayed very optimistic. Also estimates on their own economy and saving possibilities were positive in August.

In August, consumers regarded the time favourable for taking out a loan and to some degree also for saving and buying durable goods. Employed consumers felt in August that their personal threat of unemployment had somewhat lessened over the past few months.

Consumers' own and Finland's economy

In August, 49 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 10 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 47 and 8 per cent in July, and 39 and 18 per cent one year ago in August.

In all, 26 per cent of consumers believed in August that their own economy would improve and only 12 per cent of them feared it would worsen over the year. In July, the respective proportions were 28 and 9 per cent and twelve months ago 27 and 13 per cent.

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

Unemployment and inflation

Altogether 50 per cent of consumers thought in August that unemployment would decrease over the year, while 16 per cent of them believed it would increase. Twelve months previously, the corresponding proportions were fairly gloomy 28 and 33 per cent.

Sixteen per cent of employed persons reckoned in August that their personal threat of unemployment had lessened over the past few months, while 13 per cent thought it had grown. Thirty-one per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers predicted in August that consumer prices would go up by 1.6 per cent over the next 12 months. One year earlier the predicted inflation rate was 1.4 per cent, and its long-term average is 2.2 per cent.

Buying of durable goods

In August, 44 per cent of consumers thought the time was favourable for buying durable goods. General intentions to spend money were moderate in August. Sixteen per cent of households were fairly or very certain to buy a car during the next 12 months. Eight per cent of households considered buying a dwelling. In August, 19 per cent of households were planning to spend money on renovating their dwelling within a year.

Saving and taking out a loan

Altogether, 63 per cent of consumers considered saving worthwhile in August. Sixty-eight per cent of households had been able to lay aside some money and 80 per cent believed they would be able to do so during the next 12 months.

In August, 72 per cent of consumers regarded the time good for raising a loan. The long-term average proportion is 62 per cent. Eleven per cent of households were planning to raise a loan.

Consumer confidence by major region and population group

In August, consumers' confidence in the economy was strongest in Northern Finland. Among population groups, entrepreneurs and upper-level salaried employees were clearly most optimistic. Students had the gloomiest expectations concerning economic development.

Consumers' views of the economy

  Average 10/1995- Max. 10/1995- Min. 10/1995- 08/2016 07/2017 08/2017 Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4 12.1 24.1 -6.5 15.7 22.8 23.5 ++
B2 Own economy in 12 months' time (balance) 8.3 14.1 2.3 8.2 10.5 8.4 =
B4 Finland's economy in 12 months' time (balance) 3.8 25.3 -27.1 9.7 20.1 19.5 ++
B6 Inflation in 12 months' time (per cent) 2.2 4.6 0.6 1.4 1.7 1.6  
B7 Unemployment in Finland in 12 months' time (balance) -3.5 27.6 -51.1 -3.9 15.9 16.5 ++
B8 Own threat of unemployment now (balance) -1.2 7.6 -18.8 -1.5 2.9 3.8 +
C1 Favourability of time for purchasing durables (balance) 18.4 41.8 -14.2 24.4 23.2 22.4 +
C2 Favourability of time for saving (balance) 10.5 36.8 -19.6 9.4 16.3 18.4 +
C3 Favourability of time for raising a loan (balance) 17.9 42.0 -47.1 31.7 34.4 30.6 +
D2 Household's saving possibilities in the next 12 months (balance) 39.7 52.2 10.9 48.8 44.5 49.7 +

The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator (CCI) is the average of the balance figures for the CCI components. 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.

Explanations for Outlook column: ++ Outlook is very good, + Outlook is good, = Outlook is neutral, - Outlook is poor, -- Outlook is very poor. Deviation of balance from average has been compared to standard deviation.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released on the European Commission website: European Commission, DG ECFIN, Business and Consumer Survey Results .


Source: Consumer Survey 2017, August. Statistics Finland

Inquiries: Kaisa Lahtinen 029 551 3554, Pertti Kangassalo 029 551 3598, consumer.survey@stat.fi

Director in charge: Jari Tarkoma

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Updated 28.8.2017

Referencing instructions:

Official Statistics of Finland (OSF): Consumer survey [e-publication].
ISSN=1799-1382. August 2017. Helsinki: Statistics Finland [referred: 26.9.2017].
Access method: http://www.stat.fi/til/kbar/2017/08/kbar_2017_08_2017-08-28_tie_001_en.html

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