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Latest publication: Consumer Confidence 2019, November

Published: 28 October 2019

Consumer confidence weakened in October

The consumer confidence indicator (CCI) stood at -6.6 in October, having been -4.2 in September and -4.5 in August. In last year’s October the CCI received the value 0.2. The average for the CCI since January 2018 is -0.5. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,008 persons resident in Finland responded between 1 and 20 October. The survey methods were revised in May.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Consumers’ confidence in all four components of the CCI weakened in October both from September and the previous year. Expectations on the development of Finland’s economy plummeted from the previous year and were gloomy in October. The views on consumers’ own current economic situation and the situation in the near future were subdued. At the same time, the intentions to spend money have also decreased to an average level.

In October, consumers foresaw strongly that also Finland’s unemployment situation will weaken in the future. Furthermore, employed consumers felt that their personal threat of unemployment has increased considerably in recent times. On the other hand, every second employed respondent did not experience any threat.

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

In October, consumers still considered their own financial situation to be good. The time was, in general, regarded favourable for raising a loan but not for buying durable goods or for saving.

Consumer confidence by major region and population group

In October, consumers’ confidence in the economy was strongest in Greater Helsinki (CCI -3.2) and Northern Finland (-3.8) and weakest in Western and Eastern Finland (-9.3). Among population groups, students (-0.5) and lower-level salaried employees (-0.6) were most optimistic. In October, pensioners (-16.6) and unemployed persons (-14.8) had the gloomiest expectations concerning economic development.

Confidence in the economy usually lessens with the person’s age. Correspondingly, the confidence usually strengthens with education and income. Men are inclined to believe in the economy more than women. More detailed information is found 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 2019, October. Statistics Finland

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

Director in charge: Jari Tarkoma

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Updated 28.10.2019

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. October 2019. Helsinki: Statistics Finland [referred: 13.12.2019].
Access method: http://www.stat.fi/til/kbar/2019/10/kbar_2019_10_2019-10-28_tie_001_en.html