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Latest publication: Consumer survey 2017, July

Published: 27 June 2017

Consumer confidence remains strong – own economy more worrisome

In June, the consumer confidence indicator (CCI) stood at 23.9, while in May it was 24.1 and in April 21.5. The figures for May to June are the highest in the measuring history 1995 to 2017. Last year in June, the CCI received the value 14.9. The long-term average for the CCI is 12.0. The data are based on Statistics Finland’s Consumer Survey, for which 1,161 people resident in Finland were interviewed between 1 and 16 June.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

The components of the CCI did not change considerably in June compared to May. Expectations concerning consumers' own economy have, however, weakened gradually since spring. Correspondingly, views concerning Finland's economy and general unemployment already show over a twelve-month rising trend. Compared with the corresponding period last year, all the CCI components improved in June.

In June, consumers’ views concerning Finland's economy and unemployment were very bright. The confidence in decreasing unemployment was highest in ten years and the views on Finland’s economy were the best in seven years. Views concerning possibilities to save were also optimistic. Expectations concerning consumers' own economy were at the long-term average level in June.

In June, consumers regarded the time very favourable for taking out a loan and also a little for saving and buying durable goods. Employed consumers felt in June that their personal threat of unemployment has decreased clearly in recent months.

Consumers' own and Finland's economy

In June, 50 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while only nine per cent of them thought that the country’s economy would deteriorate. Twelve months previously, the corresponding proportions were 47 and 18 per cent in June.

In all, 26 per cent of consumers believed in June that their own economy would improve and 13 per cent of them feared it would worsen over the year. One month earlier these proportions were 27 and 12 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 45 per cent of consumers thought in June that unemployment would decrease over the year, while 14 per cent of them believed it would increase. Twelve months previously, the corresponding proportions were rather gloomy 25 and 35 per cent.

Eighteen per cent of employed persons reckoned in June that their personal threat of unemployment had lessened over the past few months, while 12 per cent thought it had grown. Twenty-six per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers estimated in June that consumer prices would go up by 1.8 per cent over the next 12 months. One year earlier the predicted inflation rate was 1.3 per cent, and its long-term average is 2.2 per cent.

Buying of durable goods

In June, 45 per cent of consumers thought the time was favourable for buying durable goods. General intentions to spend money were moderate in June maybe apart from holiday trip plans. Seventeen per cent of households were fairly or very certain to buy a car during the next 12 months. Seven per cent of households considered purchasing a dwelling. In June, 21 per cent of households were planning to spend money on renovating their dwelling within a year.

Saving and taking out a loan

In June, 62 per cent of consumers considered saving worthwhile. Sixty-five per cent of households had been able to lay aside some money and as many as 79 per cent believed they would be able to do so during the next 12 months.

In June, 73 per cent of consumers regarded the time good for raising a loan. The long-term average proportion is 62 per cent. Fourteen per cent of households considered raising a loan within one year.

Consumer confidence by major region and population group

In June, consumers' confidence in the economy was strongest in Greater Helsinki. Among population groups, upper-level salaried employees were clearly most optimistic. Pensioners, students and unemployed persons had the gloomiest expectations concerning economic development.

Prevalence of modern equipment in households in May

In May, as many as 86 per cent of households with persons aged 15 to 84 had a home computer and 90 per cent had an Internet connection in their use. Fifty-four per cent of households owned a tablet. Eighty per cent of households owned at least one smartphone and 20 per cent some type of wearable technology like an activity tracker, smartwatch or smartglasses.

Twenty-eight per cent of households were watching a smart TV in May. Nearly as many households had a gaming console and some even a remote controlled camera drone. Seventy-nine per cent of households owned a car in May. More information about the prevalence of equipment can be found in Appendix figures 12 to 15 and in the database table.

Consumers' views of the economy

  Average 10/1995- Max. 10/1995- Min. 10/1995- 06/2016 05/2017 06/2017 Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4 12.0 24.1 -6.5 14.9 24.1 23.9 ++
B2 Own economy in 12 months' time (balance) 8.3 14.1 2.3 7.4 9.0 8.3 =
B4 Finland's economy in 12 months' time (balance) 3.6 25.3 -27.1 13.8 21.9 22.0 ++
B6 Inflation in 12 months' time (per cent) 2.2 4.6 0.6 1.3 1.7 1.8  
B7 Unemployment in Finland in 12 months' time (balance) -3.7 27.6 -51.1 -7.1 15.2 15.9 ++
B8 Own threat of unemployment now (balance) -1.2 7.6 -18.8 -2.0 5.8 6.3 ++
C1 Favourability of time for purchasing durables (balance) 18.4 41.8 -14.2 26.0 19.4 23.7 +
C2 Favourability of time for saving (balance) 10.4 36.8 -19.6 4.3 12.8 15.6 +
C3 Favourability of time for raising a loan (balance) 17.8 42.0 -47.1 27.0 31.8 32.3 ++
D2 Household's saving possibilities in the next 12 months (balance) 39.7 52.2 10.9 45.4 50.2 49.3 +

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, June. Statistics Finland

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

Director in charge: Jari Tarkoma

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Appendix tables

Figures

Updated 27.6.2017

Referencing instructions:

Official Statistics of Finland (OSF): Consumer survey [e-publication].
ISSN=1799-1382. June 2017. Helsinki: Statistics Finland [referred: 28.7.2017].
Access method: http://www.stat.fi/til/kbar/2017/06/kbar_2017_06_2017-06-27_tie_001_en.html

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