Consumer confidence unchanged and weak in August 2024

Consumer confidence in areas of residence and population groups

In August, consumer confidence was strongest in Greater Helsinki (CCI -3.9). Confidence was weakest in Eastern Finland (-11.1). Among population groups, upper-level salaried employees were most optimistic (0.6). Unemployed persons had the gloomiest expectations concerning economic development (-18.3).

Women (-10.0) described economic development in August as clearly gloomier than men did (-4.5). More detailed information is available in the figures and database tables.

Consumers' own and Finland's economy

In August, consumers' views on their own economy at present improved slightly compared to both July and one year ago. Expectations concerning consumers’ own economy in 12 months remained nearly unchanged. By contrast, views on Finland's economic development weakened somewhat in August.

Consumers' estimates of their own economy at present were still very weak in August. Expectations concerning their own and Finland's economy in 12 months' time were subdued.

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Twenty-six per cent of consumers thought in August that their own economy was weaker at the time of the survey than one year ago. Twenty-four per cent of consumers regarded their own economy stronger than in the previous year. Sixty per cent of consumers thought in August that Finland’s economic situation was now worse than one year earlier, and only 10 per cent saw it as better.

In August, just 22 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 36 per cent of them thought that our country’s economy would deteriorate. In all, 27 per cent of consumers believed in August that their own economy would improve and 17 per cent of them feared it would worsen over the year.

Unemployment and its threat

Consumers' expectations concerning the development of the general unemployment situation in Finland remained nearly unchanged and on a weak level in August. Only 14 per cent of consumers expected that unemployment would decrease over the next year, and over one half, 56 per cent, believed it would increase.

Employed consumers (wage and salary earners and self-employed persons) reckoned in August that their personal threat of unemployment or lay-off was still fairly high. Five per cent of employed persons believed that their personal threat had lessened and 25 per cent thought the risk had grown. On the other hand, 42 per cent of employed persons felt in August that they were not threatened by unemployment or temporary lay-off at all.

Consumer prices

In August, consumers' estimates of the inflation at the time of the survey and concerning price changes in one year's time were only somewhat lower. Estimates of inflation were still fairly high.

Consumers estimated in August that consumer prices have risen by 5.0 per cent from August last year and would go up by 3.8 per cent over the next year. Altogether 61 per cent of consumers thought that consumer prices have risen much or fairly much over the year, and 48 per cent of them expected prices to rise at least at the same rate over the coming months as well.

Financial situation, saving and raising a loan

In August, the time was still regarded very poor for taking out a loan and also for saving. Just 21 per cent of consumers regarded the time favourable for raising a loan and 39 per cent considered saving worthwhile. At the same time, intentions to raise a loan were slightly lower in August than usual. Fifteen per cent of consumers were planning to raise a loan within one year.

Consumers' assessment of their own financial situation was somewhat better in August than the long-term average. Consumers estimated that they would have saving possibilities in the same way as usual in the coming months. In August, good one half or 57 per cent of consumers had been able to lay aside some money and 71 per cent believed they would be able to do so during the next 12 months.

Spending and intentions to make large purchases

In August, the time was still regarded very unfavourable for buying durable goods. Only 12 per cent of consumers thought the time was favourable for making expensive purchases.

Consumers’ intentions to spend money on durable goods in the next 12 months continued to be very low in August. Intentions to make purchases grew slightly compared to one year earlier, however. In August, 11 per cent of consumers estimated that they would increase and 40 per cent that they would reduce their spending on durable goods over the next 12 months.

In August, consumers were slightly more cautious than usual about buying a car in the next 12 months. Plans to buy a dwelling decreased further: very few consumers were thinking of getting themselves a new dwelling in August. In addition, fewer than average were planning to renovate their dwelling.

In August, 14 per cent of consumers were either definitely or possibly going to buy a car during the next 12 months. Eleven per cent of consumers considered buying a dwelling or building a house. Fifteen per cent of consumers were planning to spend money on renovating their dwelling during the next 12 months.

Data set for the statistics

The Consumer Confidence Survey is carried out with a self-filled web questionnaire and by telephone interviews. Answers are mainly given by means of answer options. In August 2024, a total of 1,204 persons participated in the Survey and the response rate was 56 per cent. Of the responses, 80 per cent came from the web questionnaire.

The components of the consumer confidence indicator (CCI) are: own economy now, own economy in 12 months, Finland's economy in 12 months and own intentions to buy durable goods in the next 12 months.

EU results

The (seasonally adjusted) survey results concerning economic expectations for all EU countries are released monthly on the European Commission website.