Published: 28 December 2020

Consumer confidence almost unchanged in December

The consumer confidence indicator (CCI) stood at -4.6 in December whereas in November it was -4.8 and in October -6.9. Last year in December, the CCI received the value -4.2. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,133 persons resident in Finland responded between 1 and 16 December.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

There were only minor changes in the components of the CCI in December compared with November. Consumers' intentions to spend money on durable goods decreased slightly in a month. The other three components improved slightly. By contrast, compared to the corresponding period last year, the views on the present state of the own economy weakened clearly and the expectations concerning Finland's economy improved somewhat in December. The other two components, that is, expectations concerning one's own economy and intentions to spend money on durable goods remained unchanged in the year.

In December, consumers' views on Finland's economic development were still gloomy. The other three components were on the long-term average level.

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 remained unchanged and at a gloomy level in December. The view on the personal threat of unemployment or temporary lay-off at the time of the survey became somewhat gloomier among employed persons, i.e. wage and salary earners and self-employed persons. Consumers' estimates of the rising rate of consumer prices in the coming months remained more or less unchanged and clearly below their average in December.

In December, consumers still considered their own financial situation to be excellent. The time was regarded as reasonable for saving and poor for buying durable goods and especially for raising a loan. However, in December very many were still intending to raise a loan. Consumers also had plenty of plans to buy a dwelling. In addition, many were considering renovating their dwelling.

Consumer confidence by major region and population group

In December, consumers' confidence in the economy was strongest in Greater Helsinki (CCI -0.6) and weakest elsewhere in Southern Finland (-7.7). Among population groups, upper-level salaried employees were most optimistic (2.5). Pensioners (-11.0) and unemployed persons (-8.4) had the most pessimistic views concerning economic development. The confidence indicator received the value -3.5 among self-employed persons in December.

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, December. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 28.12.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. December 2020. Helsinki: Statistics Finland [referred: 21.1.2021].
Access method: http://www.stat.fi/til/kbar/2020/12/kbar_2020_12_2020-12-28_tie_001_en.html