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Latest publication: Consumer Confidence 2021, September

Published: 27 August 2021

Consumers’ view of their own economy improved further in August

The consumer confidence indicator (CCI) stood at 4.0 in August, whereas in July it was 4.4 and in June 4.6. Confidence in the economy continued very strong in August, as the long-term average of the CCI is -1.7. In the corresponding period last year, the CCI received the value -5.1. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 971 persons resident in Finland responded between 1 and 19 August.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, consumers’ views of their own economy at present were in August brightest in the entire measuring history, 1995 to 2021. Expectations of their own economy in 12 months were also very optimistic. In addition, consumers had plenty of intentions to spend money on durable goods in the coming months. Views of the future development of Finland’s economy were also good in August.

Compared to July, expectations concerning one's own economy improved in August. By contrast, expectations about Finland’s economy weakened in a month. Views of their own economy at present and intentions to spend money remained more or less unchanged in August. Compared with August last year, all four components of the CCI were now even clearly stronger.

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 August 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 August, consumers’ anticipation of the rise in consumer prices, i.e. inflation in 12 months was already going above its long-term average.

As in previous months, consumers regarded their own financial situation to be excellent in August. 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 high in the coming months.

As in the past few months, considerably many intended to take out a loan within one year in August. Similarly, consumers still had plenty of plans to buy a dwelling. There were also a great deal of plans for home renovation, and in August many considered buying a car over the next 12 months.

Consumer confidence by major region and population group

In August, consumer confidence was, as usual, strongest in Greater Helsinki (CCI 9.1) and weakest in Eastern Finland (0.0). Among population groups, upper-level salaried employees were most optimistic (11.9). Pensioners again had clearly the gloomiest expectations concerning economic development (-6.7).

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, August. 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 27.8.2021

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. August 2021. Helsinki: Statistics Finland [referred: 27.10.2021].
Access method: http://www.stat.fi/til/kbar/2021/08/kbar_2021_08_2021-08-27_tie_001_en.html