Published: 27 December 2021

Consumer confidence dropped well below zero before Christmas

The consumer confidence indicator (CCI) stood at -3.5 in December whereas in November it was 1.2 and in October 2.7. Last year in December, the CCI received the value -4.6. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 913 persons resident in Finland responded between 1 and 16 December.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

All four components of the CCI weakened clearly in December when compared to November. Compared to December last year, expectations concerning Finland's economy in 12 months strengthened and the other components remained more or less unchanged.

In December, expectations of consumers’ own and, in particular, Finland’s economy were subdued. Consumers' views of their own economy at present and intentions to buy durable goods were in line with their long-term average level.

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 December but remained relatively bright. This was more or less 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 December, consumers’ estimates and expectations concerning the growth rate of consumer prices, i.e. inflation, remained unchanged and clearly higher than their long-term average.

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

In December, consumers still had fairly plenty of intentions to buy or build a dwelling. In addition, very many consumers had plans for home repairs. Many were also considering buying a car during the next 12 months. As in the past few months, interest in raising a loan was also very common in December.

Consumer confidence by major region and population group

In December, consumers’ confidence in the economy was, as usual, clearly strongest in Greater Helsinki (CCI -0.1). This time, confidence was weakest in Eastern Finland (-7.6). Among population groups, upper-level salaried employees were most optimistic (5.3) in December. Pensioners had the gloomiest expectations concerning economic development (-10.5).

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, December. 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 27.12.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. December 2021. Helsinki: Statistics Finland [referred: 20.1.2022].
Access method: http://www.stat.fi/til/kbar/2021/12/kbar_2021_12_2021-12-27_tie_001_en.html