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Latest publication: Consumer Confidence 2020, July

Published: 27 March 2020

Consumer confidence weakened in March – trust in own economy

The consumer confidence indicator (CCI) stood at -7.1 in March, having been -4.5 in February and -4.6 in January. In last year’s March, the CCI received the value -2.3. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,053 persons resident in Finland responded between 2 and 19 March. The majority of responses were received before 13 March, that is, prior to the Government’s restrictive measures related to the coronavirus pandemic. Statistics Finland will publish actual inquiry data on the economic effect of the pandemic during April .

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

In March, of the four components of the CCI, expectations concerning Finland's economy weakened clearly and intentions to acquire durable goods decreased compared with February. In contrast, views on one’s own economy at present and in the near future improved somewhat. Compared with the corresponding period last year, the components of the CCI weakened apart from intentions to spend money that increased slightly in a year.

In March, consumers’ image of their own economy was altogether good, while their views concerning spending money were average and about economic development in Finland gloomy.

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’ views on the development of the unemployment situation in Finland fell in March to a weak level. The same applied to the personal threat of unemployment experienced by consumers, that is, wage and salary earners and self-employed persons. Consumer prices were expected to rise more slowly than before in future.

In March, consumers considered their own financial situation to be excellent. The time was regarded only to a certain degree favourable for saving and for raising a loan and not at all for buying durable goods. However, many were thinking of buying a dwelling and taking out a loan in March.

Consumer confidence by major region and population group

In March, consumer confidence in the economy was strongest in Greater Helsinki (CCI -5.2) and weakest in Eastern Finland (-9.7). Among population groups, students (-1.3) and upper-level salaried employees (-1.9) were most optimistic. Unemployed persons (-14.8) and pensioners (-13.9) had clearly the gloomiest expectations concerning economic development in March.

Consumer confidence in the economy 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, March. 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 27.3.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. March 2020. Helsinki: Statistics Finland [referred: 15.8.2020].
Access method: http://www.stat.fi/til/kbar/2020/03/kbar_2020_03_2020-03-27_tie_001_en.html