Saturday 10/16/21

Consumer confidence sank in June

Employed consumers felt that their personal threat of unemployment has increased in recent times.

Point-down-by-Robin-Higgins
Photo: Robin Higgins.

In June, the consumer confidence indicator (CCI) stood at -4.6, while in May it was -1.8 and in April -1.7. Last year in June, the CCI received the value 1.7. The average for the CCI since January 2018 is 0.5.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,019 persons resident in Finland responded between 1 and 17 June. The survey methods were revised in May.

Consumer-confidenceImage source: Statistics Finland.

Of the four components of the CCI, only intentions to spend money on durable goods remained unchanged in June from May. The other components weakened clearly.

Expectations concerning Finland’s economy in general were very pessimistic. Views on consumers’ own economic situation now and in the future were also weak. Consumers’ intentions to spend money on durable goods were higher than average in June.

In June, the CCI components weakened compared with the corresponding period last year as well, apart from intentions to spend money. Especially expectations concerning Finland's economy plummeted over the year.

Consumer-expectationsImage Source: Statistics Finland

The most optimistic and pessimistic

In June, consumers considered their own financial situation weaker than previously. The time was, in general, regarded favourable for raising a loan, but not so much for saving or buying durable goods.

Employed consumers felt that their personal threat of unemployment has increased in recent times. On the other hand, every second employed person did not experience any threat.

In June, consumers' confidence in the economy was strongest in Greater Helsinki (CCI -0.1) and weakest in Eastern Finland (-10.3). Among population groups, upper-level salaried employees were most optimistic (1.3).

Pensioners clearly had the gloomiest expectations concerning economic development (-13.8). More information can be found in Database tables .

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