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Published: 28 March 2022

Consumer confidence collapsed in March

The balance figure of the consumer confidence indicator (CCI) stood at -10.5 in March, having been 0.5 in February and -1.7 in January. In last year’s March, the CCI received the value -3.0. The long-term average for the CCI is -1.7. During its measuring history since 1995, consumer confidence has been weaker than in March only in April 2020 and at the end of 2008. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,014 persons resident in Finland responded between 1 and 20 March.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

All four components of the CCI weakened significantly in March when compared with February. Expectations concerning Finland's economy in 12 months collapsed most sharply. Compared with March last year, the components of the CCI also fell clearly apart from views of consumers’ own economy at present – this remained more or less unchanged in a year.

Expectations concerning consumers' own and especially Finland's economy were very pessimistic in March. Since 1995, expectations concerning Finland's economy have been gloomier only in December 2008. In March, consumers’ views of their own economy at present were on the long-term average level. Consumers' intentions to buy durable goods in the next 12 months were relatively subdued in March.

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 weakened sharply in March but still remained on the average level. By contrast, the personal threat of unemployment or temporary lay-off experienced by employed persons, i.e. wage and salary earners and self-employed persons, fell slightly over the same period.

In March, consumers' estimates and especially expectations concerning inflation rose even more above their long-term averages. Expectations concerning inflation in 12 months were highest ever in the measuring history 1995 to 2022.

Consumers continued to regard their own financial situation even better than before in March. The time was again regarded as fairly favourable for saving, but very poor for buying durable goods and especially for raising a loan. However, as in the previous months, plans to raise a loan were very common in March. Consumers also anticipated that there would still be quite a lot of possibilities for saving over the next 12 months.

In March, consumers still had considerably many plans to buy a dwelling or build a house in the next 12 months. Plans concerning home renovation and buying a car were on the average level in March.

Consumer confidence by major region and population group

In March, consumer confidence was, as usual, clearly strongest in Greater Helsinki (CCI -3.3). Confidence was weakest in Eastern Finland (-13.5). Of population groups, students were this time most optimistic (-0.2). Pensioners had the gloomiest expectations concerning economic development in March (-19.5).

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 balance figure, the brighter the view on the economy.


Source: Consumer Confidence 2022, March. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tara Junes 029 551 3322, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

Publication in pdf-format (422.2 kB)

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Updated 28.3.2022

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. March 2022. Helsinki: Statistics Finland [referred: 6.10.2022].
Access method: http://www.stat.fi/til/kbar/2022/03/kbar_2022_03_2022-03-28_tie_001_en.html