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Latest publication: Consumer Confidence 2021, November

Published: 27 October 2021

Consumer confidence fell but remained on a strong level in October

The consumer confidence indicator (CCI) stood at 2.7 in October, having been 6.0 in September and 4.0 in August. In last year’s October the CCI received the value -6.9. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,025 persons resident in Finland responded between 1 and 19 October.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the components of the CCI, both expectations and views concerning consumers’ own economy at present were very bright in October. Expectations concerning Finland’s economy were also optimistic. In addition, consumers had plenty of intentions to buy durable goods in October.

Compared with September, expectations concerning one’s own economy in 12 months remained more or less unchanged in October. The other three components weakened clearly. Compared with last year’s October, the components were now considerably stronger apart from intentions to buy durable goods, which in October were similar to one year ago.

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 weakened slightly in October but still remained bright. This was also the case for views of the personal threat of unemployment or temporary lay-off experienced by the employed, that is, wage and salary earners and self-employed persons at the time of the survey. In October, consumers’ anticipation of the growth rate of consumer prices, i.e. inflation in 12 months, clearly exceeded its average long-term average.

As in previous months, consumers considered their own financial situation to be excellent in October. The time was considered very favourable for saving, also favourable for raising a loan and reasonable for buying durable goods. Saving possibilities were expected to be still fairly high in the coming months.

Consumers still had very many intentions to buy a dwelling in October. Many consumers also had plans for home repairs. In addition, very many considered buying a car during the next 12 months. As in the past few months, interest in raising a loan also was also notably common in October.

Consumer confidence by major region and population group

In October, consumer confidence was, as usual, clearly strongest in Greater Helsinki (CCI 8.0) and weakest in Eastern Finland (-0.2). Among population groups, lower-level salaried employees (9.7) and upper-level salaried employees (9.6) were most optimistic. Pensioners had the gloomiest expectations concerning economic development (-7.4) in October.

Consumer confidence 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, October. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tara Junes 029 551 3322, consumer.confidence@stat.fi

Head of Department in charge: Hannele Orjala

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Updated 27.10.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. October 2021. Helsinki: Statistics Finland [referred: 30.11.2021].
Access method: http://www.stat.fi/til/kbar/2021/10/kbar_2021_10_2021-10-27_tie_001_en.html