Monday. 08.08.2022
CONSUMER CONFIDENCE

2020, a year of pessimism for Finnish consumers

December was regarded as reasonable for saving and poor for buying durable goods and especially for raising a loan. 

Shop-Prisma-supermarket-by-Foreigner.fi
People shopping in a supermarket. Photo: Foreigner.fi/file photo.

Consumer confidence registered negative values ​​again in December, thus completing a year of pessimism for Finns regarding the performance and future of the Finnish economy. 

According to Statistics Finland's Consumer Confidence Survey, 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.

1,133 persons resident in Finland responded to the survey between 1 and 16 December.

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.

Even so, the total result was -4.6% on a scale in which negative values mean pessimism.

Consumer-confidence-December-2020Source: Statistics Finland.

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

Employment

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 employees 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.

Consumer-expectations-december-2020Source: Statistics Finland.

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.

Confidence by region

In December, consumers' confidence in the economy was strongest in Greater Helsinki (-0.6) and weakest in Southern Finland (-7.7).

Among population groups, upper-level salaried employees were the most optimistic (2.5). Pensioners (-11.0) and unemployed people (-8.4) had the most pessimistic views concerning economic development.

The confidence indicator received the value -3.5 among self-employed persons in December.

2020, a year of pessimism for Finnish consumers
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