Published: 27 May 2019

New consumer confidence indicator below zero

In May, the new consumer confidence indicator (CCI) stood at -1.8, while in April it was -1.7 and in March -2.4. In May 2018, the CCI received the clearly higher value, 4.1. The average for the CCI since January 2018 is 0.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,034 persons resident in Finland responded between 1 and 15 May.
NB
The name of the statistics changed in May from the Consumer Survey to the Consumer Confidence statistics. At the same time, data collection method, sample design, weighting and data content of the statistics changed. The CCI was also renewed . Old statistical data on balance figures have been revised retrospectively to January 2018. More detailed information on the changes can be found below (Concepts), in the Review and on Statistics Finland's web pages: News and Changes in these statistics .

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the new CCI, consumers’ views on their own current economy and also the expectations of their own economy in 12 months improved slightly in May compared to April. By contrast, their expectations about Finland’s economy were gloomy. Intentions to spend money on durable goods remained unchanged and consumers had more such intentions in May than average.

The views of consumers’ own current economy were bright, while the expectations on the future were cautious despite improving. In May, expectations concerning Finland’s economy were bleak.

Compared with the corresponding period last year, only views on the current own economy improved slightly in May. Expectations concerning Finland’s economy in general collapsed in a 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

In May, consumers considered their own financial situation to be very good. The time was, in general, regarded favourable for saving and for raising a loan, but not, for buying durable goods. In May, employed consumers felt that their personal threat of unemployment has increased in recent times. On the other hand, every second respondent did not experience any threat.

Consumer confidence by major region and population group

In May, consumers’ confidence in the economy was strongest in Western Finland (CCI -0.1) and weakest in Eastern Finland (-6.4). Among population groups, upper-level salaried employees were most optimistic (3.1). Pensioners clearly had the gloomiest expectations concerning economic development (-11.1).

EU results

The (seasonally adjusted) Consumer Survey results 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 new 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, May. 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 (314.1 kB)

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Updated 27.5.2019

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. May 2019. Helsinki: Statistics Finland [referred: 19.6.2019].
Access method: http://www.stat.fi/til/kbar/2019/05/kbar_2019_05_2019-05-27_tie_001_en.html