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Latest publication: Consumer Confidence 2019, October

Published: 27 September 2016

Consumer confidence has improved from last year

The consumer confidence indicator (CCI) stood at 14.4 in September, having been 15.7 in August and 13.1 in July. Last year in September, the CCI received the value 4.2. The long-term average for the CCI is 11.7. The data are based on Statistics Finland’s Consumer Survey, for which 1,202 people resident in Finland were interviewed between 1 and 20 September.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, only assessments of the household’s saving possibilities weakened in September from August. Views of Finland’s economy and the consumers' own economy remained almost unchanged and views on unemployment improved slightly. Compared with the corresponding period last year, all the components of the CCI apart from saving improved clearly in September.

In September, consumers’ expectations concerning Finland’s economy were bright. By contrast, consumers’ views on their own economy were rather subdued and the views concerning general unemployment were on the long-term average level. Consumers considered their own saving possibilities good over the next 12 months.

In September, consumers regarded the time favourable for buying durable goods and especially for taking out a loan but not for saving. In September, the personal threat of unemployment experienced by employed consumers was at the long-term average level.

Consumers' own and Finland's economy

In September, 39 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 19 per cent of them thought that the country’s economy would deteriorate. Twelve months previously, the corresponding proportions were 24 and 36 per cent in September.

In all, 25 per cent of consumers believed in September that their own economy would improve and 14 per cent of them feared it would worsen over the year.

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

Unemployment and inflation

Altogether 28 per cent of consumers thought in September that unemployment would decrease over the year, while 30 per cent of them believed it would increase. The corresponding proportions were 28 and 33 per cent one month ago and 12 and 61 per cent one year ago.

Thirteen per cent of employed persons reckoned in September that their personal threat of unemployment had lessened over the past few months, while 20 per cent thought it had grown. Twenty-three per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers estimated in September that consumer prices would go up by 1.3 per cent over the next 12 months. The predicted long-term average inflation rate is 2.2 per cent.

Buying of durable goods

In September, 47 per cent of consumers thought the time was favourable for making major purchases. General intentions to spend money were still moderate. Sixteen per cent of households were fairly or very certain to buy a car and six per cent a dwelling during the next 12 months. In September, 19 per cent of households were planning to spend money on renovating their dwelling within a year.

Saving and taking out a loan

In September, 52 per cent of consumers considered saving worthwhile. In all, 66 per cent of households had been able to lay aside some money and 77 per cent believed they would be able to do so during the next 12 months.

In September, 70 per cent of consumers regarded the time good for raising a loan. Twelve per cent of households considered raising a loan within one year.

Consumer confidence by major region and population group

In September, consumers' confidence in the economy was strongest in Greater Helsinki. Among population groups, upper-level salaried employees were most optimistic. Pensioners and unemployed persons had the gloomiest expectations concerning economic development.

Prevalence of modern equipment in households in August

In August, as many as 88 per cent of households with persons aged 15 to 84 had a home computer and 90 per cent had an Internet connection at their disposal. Fifty-two per cent of households owned a tablet. Seventy-five per cent of households owned at least one smartphone and 17 per cent some type of wearable technology like an activity tracker or smartwatch.

Twenty-eight per cent of households were watching a smart TV in August. As many households had a gaming console and three per cent even a remote-controlled camera copter. Eighty per cent of households owned a car in August. More information about the prevalence of equipment can be found in Appendix figures 12 to 15 and in the database tables.

Consumers' views of the economy

  Average 10/1995- Max. 10/1995- Min. 10/1995- 09/2015 08/2016 09/2016 Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4 11.7 22.9 -6.5 4.2 15.7 14.4 +
B2 Own economy in 12 months' time (balance) 8.3 14.1 2.3 4.8 8.2 7.1 -
B4 Finland's economy in 12 months' time (balance) 3.2 25.3 -27.1 -9.5 9.7 9.2 +
B6 Inflation in 12 months' time (per cent) 2.2 4.6 0.6 1.5 1.4 1.3  
B7 Unemployment in Finland in 12 months' time (balance) -4.1 27.6 -51.1 -28.3 -3.9 -1.7 =
B8 Own threat of unemployment now (balance) -1.4 7.6 -18.8 -3.7 -1.5 -3.1 =
C1 Favourability of time for purchasing durables (balance) 18.3 41.8 -14.2 15.5 24.4 21.4 +
C2 Favourability of time for saving (balance) 10.4 36.8 -19.6 5.2 9.4 3.7 -
C3 Favourability of time for raising a loan (balance) 17.3 42.0 -47.1 14.3 31.7 29.5 +
D2 Household's saving possibilities in the next 12 months (balance) 39.4 52.2 10.9 49.7 48.8 42.9 +

The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator is the average of the balance figures for the CCI components. 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.

Explanations for Outlook column: ++ Outlook is very good, + Outlook is good, = Outlook is neutral, - Outlook is poor, -- Outlook is very poor. Deviation of balance from average has been compared to standard deviation.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released on the European Commission website: European Commission, DG ECFIN, Business and Consumer Survey Results; http://ec.europa.eu/economy_finance/db_indicators/surveys/index_en.htm


Source: Consumer Survey 2016, September. Statistics Finland

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

Director in charge: Jari Tarkoma

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Reviews
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Tables in databases

Appendix tables

Figures

Updated 27.9.2016

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. September 2016. Helsinki: Statistics Finland [referred: 12.11.2019].
Access method: http://www.stat.fi/til/kbar/2016/09/kbar_2016_09_2016-09-27_tie_001_en.html