2 October 2001
Inquiries: Mr Pertti Kangassalo +358 9 1734
3598, pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Consumer confidence did not weaken any more in September
The consumer confidence indicator expressing consumer views on the economy was 0.7 in September, which is unchanged from August. Consumers still have strong belief in their own economy and saving possibilities. In addition, the time was considered favourable for saving, taking out a loan and buying consumer durables. In contrast, views on Finland's economy and unemployment were dim. The data are based on Statistics Finland's Consumer Survey, for which 1,607 persons resident in Finland were interviewed between 3 and 19 September.
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Consumer views on economic and financial conditions in Finland in September 2001 |
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September 2001 balance |
August 2001 balance |
September 2000 balance |
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Consumer confidence indicator |
0.7 |
0.6 |
9.1 |
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Economic situation of households in 12 months' time |
8.0 |
9.4 |
8.1 |
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Households' saving possibilities in the next 12 months |
35.4 |
38.9 |
27.6 |
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General economic situation in 12 months' time |
-12.7 |
-14.0 |
5.1 |
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Unemployment in 12 months' time |
13.1 |
8.4 |
-16.5 |
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Price trend over the next 12 months, % |
2.8 |
2.4 |
2.7 |
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Financial situation of households at present |
25.0 |
27.0 |
24.7 |
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Favourable time to make major purchases at present |
12.6 |
11.9 |
7,5 |
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Favourable time to save at present |
20.2 |
18.7 |
5.9 |
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Favourable time to raise a loan at present |
10.8 |
8.5 |
-4.9 |
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The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The negative balance figure for unemployment means that unemployment is estimated to go down. The consumer confidence indicator is the average of the balance figures for the following questions: Finland's past and future economic development, past and future economic development of the respondent's own household, and whether it was a favourable time to make major purchases at present. The balance figures and the confidence indicator can range between -100 and 100. |
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In September 40 per cent of consumers estimated that Finland's economic situation would worsen during the next 12 months, while 17 per cent thought it would improve. The corresponding proportions were 20 and 30 per cent one year ago. Only 12 per cent of consumers thought their own economic situation would deteriorate. Almost as many as before, or 25 per cent, were confident that their own economic situation would improve.
In September 45 per cent of consumers believed that unemployment would increase in the next 12 months, whereas 23 per cent of consumers thought so in July and 13 per cent one year ago. Consumers estimated that inflation would be 2.8 per cent in September 2002.
In September 66 per cent of consumers considered saving worthwhile. This proportion is largest since autumn 1992. Of households, 73 per cent believed they would be able to lay aside money in the next 12 months. Fifty-eight per cent of consumers thought the time was favourable for raising a loan and 14 per cent of households planned to take out a loan in the next 12 months.
In September 42 per cent of households considered the time favourable for buying consumer durables. Households were particularly making plans for buying entertainment electronics, making home improvements and travelling. Eight per cent of households thought of buying a car. Six per cent contemplated buying a dwelling in the next 12 months.
The terrorist attacks in the USA had an impact on consumer sentiments in September, since about 30 per cent of the interviews were made after the attacks. Consumer views on future economic development and unemployment grew gloomier after the evening of September 11. In contrast, estimates of households' saving possibilities improved. The consumer confidence indicator calculated from the sub-sample of 480 persons collected after the attacks was -0.1
Source: Consumer Survey 2001, September. Statistics Finland