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Latest publication: Consumer Confidence 2021, September

Published: 27 July 2021

Consumers' own economy and financial situation in July the strongest ever

The consumer confidence indicator (CCI) stood at 4.4 in July, having been 4.6 in June and 2.7 in May. Confidence in the economy was very strong in July, because the long-term average for the CCI is -1.7. In the corresponding period last year, the CCI received the value -1.6. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,007 persons resident in Finland responded between 1 and 19 July.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the components of the CCI, the estimate of one’s own economy at present was the most positive in the entire measuring history in July. In addition, consumers had plenty of intentions to spend money on durable goods. Consumers' expectations concerning the future development of their own and Finland's economy were also confident in July.

Compared with June, views on the present state of consumers' own economy improved slightly in July. The other three components remained unchanged or weakened slightly. Compared with July last year, the components of the CCI were now even clearly stronger, apart from expectations concerning one's own economy, which remained more or less unchanged over the year.

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 also remained bright in July. This was also the case for views on the personal threat of unemployment or temporary lay-off experienced by employed, that is, wage and salary earners and self-employed persons, at the time of the survey. In July, consumers' estimates of inflation, that is, the growth rate of consumer prices in the coming months, already reached their long-term average.

In July, consumers considered their own financial situation to be better than ever. The time was regarded very favourable for saving, also favourable for taking out a loan and reasonable for buying durable goods. In future months, consumers expected to still have plenty of saving opportunities.

In July, many still intended to raise a loan within one year. As in the past few months, consumers also had particularly plenty of plans to buy a dwelling. In July, many also considered purchasing a car within the next year and there were extensive plans to renovate one’s own dwelling.

Consumer confidence by major region and population group

In July, consumer confidence in the economy was clearly strongest in Greater Helsinki (CCI 11.4) and weakest in Eastern Finland (0.9). Among population groups, upper-level salaried employees were still by far the most optimistic (13.6). Unemployed persons and pensioners (-3.3 for both) still had the most negative expectations concerning economic development in July.

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 balance figure, the brighter the view on the economy.


Source: Consumer Confidence 2021, July. 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 27.7.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. July 2021. Helsinki: Statistics Finland [referred: 21.10.2021].
Access method: http://www.stat.fi/til/kbar/2021/07/kbar_2021_07_2021-07-27_tie_001_en.html