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Latest publication: Consumer Confidence 2021, April

Published: 29 March 2021

Consumer confidence weakened slightly – strong confidence in their own economy

The consumer confidence indicator (CCI) stood at -3.0 in March, having been -0.8 in February and -0.9 in January. In last year’s March, the CCI received the value -7.1. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,080 persons resident in Finland responded between 1 and 21 March.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, only the estimate concerning consumers’ own economy at present improved in March from February. Consumers' expectations concerning their own economy in 12 months remained unchanged. By contrast, expectations concerning Finland's economy weakened clearly now. Consumers' intentions to spend money on durable goods within one year decreased slightly in March.

Compared with last year's March, the assessment of one's own economy at present was worse this time. The other three components of the CCI improved clearly in a year.

In March, consumers' expectations concerning the development of their own economy were very bright in the coming twelve months and they had fairly plenty of intentions to spend money on durable goods. By contrast, expectations concerning Finland's economy were poor for a change. An estimate of the present state of one's own economy at present represented the long-term average level 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 also became gloomier again in March. The views of employed persons, i.e. wage and salary earners and self-employed persons, about the personal threat of unemployment or temporary lay-off at the time of the survey remained more or less unchanged, but at a low level. Consumers' estimate of the growth rate of consumer prices in the coming months remained more or less unchanged in March and below its long-term average.

Consumers estimated in March that their own financial situation was the best ever in the measuring history since 1995. The time was regarded good for saving, but poor for taking out a loan and buying durable goods. Nevertheless, many still intended to raise a loan within one year. As in the past few months, consumers had a considerable number of plans to buy a dwelling in March. Many also considered renovating their home in the coming twelve months.

Consumer confidence by major region and population group

In March, consumer confidence in the economy was strongest in Greater Helsinki (CCI 1.2) and weakest in Northern Finland (-8.3). Of population groups, students were most optimistic (7.4). Unemployed persons had the most pessimistic views concerning economic development (-12.9). The confidence indicator received the value -5.2 among self-employed persons in March.

Consumer confidence in the economy 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 2021, March. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 29.3.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. March 2021. Helsinki: Statistics Finland [referred: 6.5.2021].
Access method: http://www.stat.fi/til/kbar/2021/03/kbar_2021_03_2021-03-29_tie_001_en.html