Published: 29 June 2020

Consumer confidence recovered further in June

In June, the consumer confidence indicator (CCI) stood at -3.9, while in May it was -9.0 and in April -13.9. Last year in June, the CCI received the value -4.6. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,100 persons resident in Finland responded between 1 and 17 June.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

All four components of the CCI improved in June from the previous month. The clearest improvement was seen in expectations concerning Finland's economy in 12 months' time. Compared with the corresponding period last year, expectations concerning one's own and Finland's economy were now brighter. In contrast, views on one's own economy at present were slightly worse in June than one year ago, and intentions to spend money on durable goods remained unchanged from one year ago.

In June, consumers' views on Finland's economic development were still weak. In contrast, views concerning consumers' own economy at present and in the near future were more or less in line with the long-term average views. In addition, consumption intentions were already quite promising in June.

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 unemployment situation in Finland also improved significantly in June, but the expectations were still on a gloomy level. The same could be seen in the personal threat of unemployment experienced by employed consumers, that is, wage and salary earners and self-employed persons. Consumers' estimates of the future growth rate of consumer prices remained unchanged in June.

In June, consumers considered their own financial situation to be still excellent. The time was already regarded as somewhat favourable for saving but poor for buying durable goods and especially for raising a loan. These estimates also improved clearly in a month. In addition, as in previous months, a considerable number of households considered taking out a loan and buying a dwelling in June during the next 12 months.

Consumer confidence by major region and population group

In June, consumers' confidence in the economy was strongest in Greater Helsinki (CCI -2.4) and weakest elsewhere in Southern Finland (-5.0). Among population groups, upper-level salaried employees (0.8) and workers (0.7) were most optimistic. Pensioners (-12.4) and unemployed persons (-7.4) had the most pessimistic views concerning economic development. The CCI received the value -1.0 among self-employed persons in June.

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 (positive) balance figure, the brighter the view on the economy.


Source: Consumer Confidence 2020, June. 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 (409.0 kB)

Reviews
Tables

Tables in databases

Appendix tables

Figures

Updated 29.6.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. June 2020. Helsinki: Statistics Finland [referred: 14.7.2020].
Access method: http://www.stat.fi/til/kbar/2020/06/kbar_2020_06_2020-06-29_tie_001_en.html