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Latest publication: Consumer Confidence 2020, May

Published: 27 April 2020

Consumer confidence fell to its weakest ever

The consumer confidence indicator (CCI) stood at -13.9 in April, having been -7.1 in March and -4.5 in February. The April figure is the most dismal in the measuring history of 1995–2020 of consumer confidence. Last year in April, the CCI received the value -1.7. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,134 persons resident in Finland responded between 1 and 19 April. Information based on the Consumer Confidence Survey on the economic and employment effects of the current corona pandemic has also been published in Statistics Finland's online Tieto&Trendit periodical.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

In April, all four components of the CCI weakened clearly from the previous month, as well as from the corresponding period of last year. The components are: views on consumers’ own economy now, expectations concerning their own and Finland's economy in 12 months, and intentions to spend money on durable goods in the next 12 months.

In April, each component of the CCI was on a dismal level and at the same time close to its record low in 2008 to 2009, except for views on one’s own economy at present. Consumers had fewer intentions of buying durable goods in April than ever before.

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’ estimate of the development of employment situation in Finland also dropped to a gloomy level in April. The same applied to the personal threat of unemployment experienced by consumers, that is, wage and salary earners and self-employed persons. This treat was considered worst ever. In contrast, expectations concerning the rising rate of consumer prices remained unchanged in April.

Consumers considered their own financial situation to be still excellent in April – even though saving possibilities in the next few months were not assessed any more as usual. The time was now regarded very poor for saving, for taking out a loan and buying durable goods. Nevertheless, many in April were still thinking of buying a dwelling and taking out a loan in the next 12 months.

Consumer confidence by major region and population group

In April, consumers' confidence in the economy was strongest in Northern Finland (CCI -10.1) and in Greater Helsinki (-10.7) and weakest in elsewhere in Southern Finland (-17.9). Students (-6.7) were the least pessimistic population group. Pensioners clearly had the gloomiest expectations concerning economic development (-21.4). Among self-employed persons, the CCI fell to -17.7 in April.

Consumer confidence 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, April. 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 27.4.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. April 2020. Helsinki: Statistics Finland [referred: 2.6.2020].
Access method: http://www.stat.fi/til/kbar/2020/04/kbar_2020_04_2020-04-27_tie_001_en.html