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Latest publication: Consumer Confidence 2021, July

Published: 28 June 2021

Consumer confidence strongest in over three years

In June, the consumer confidence indicator (CCI) stood at 4.6, while in May it was 2.7 and in April 3.8. The figure for June is highest since February 2018 (4.9). Last year in June, the CCI received the value -3.9. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 956 persons resident in Finland responded between 1 and 17 June.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, expectations concerning consumers’ own economic situation in 12 months weakened slightly in June to May. By contrast, the estimate of the present state of their own economy and expectations concerning Finland's economy improved clearly. Intentions to spend money on durable goods in the next 12 months remained unchanged in June. Compared with June last year, all four components of the CCI were now on a better level, especially expectations concerning Finland's economy.

Of the components of the CCI, both views concerning consumers' own economy and intentions to spend money on durable goods were very strong in June. The views concerning the future development of Finland’s economy were also bright.

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 became ever brighter in June. This was also more or less the case for views of 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 June, consumers’ estimates of the growth rate of consumer prices over the coming months remained unchanged, close to their long-term average.

In June, consumers considered their own financial situation to be still excellent. The time was regarded very favourable for saving and also moderate for taking out a loan and buying durable goods. Saving possibilities were expected to be still high in the coming months.

In June, considerably many still intended to take out a loan within one year. As in the past few months, consumers also had considerably plenty of plans to buy a dwelling. In addition, very many considered buying a car in June during the next 12 months and there were a great deal of plans to renovate the dwelling.

Consumer confidence by major region and population group

In June, consumers’ confidence in the economy was very strong in Greater Helsinki (CCI 5.3) and especially elsewhere in Southern Finland (9.2). Among population groups, upper-level salaried employees (11.3) and students (10.1) were most optimistic. Unemployed persons (-4.5) and pensioners (-2.7) still had the most pessimistic expectations concerning economic development.

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, June. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 28.6.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. June 2021. Helsinki: Statistics Finland [referred: 5.8.2021].
Access method: http://www.stat.fi/til/kbar/2021/06/kbar_2021_06_2021-06-28_tie_001_en.html