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Published: 27 May 2020

Consumer confidence recovered to some degree in May

In May the consumer confidence indicator (CCI) stood at -9.0, while in April it was -13.9 and in March -7.1. In last year’s May the CCI received the value -1.8. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,175 persons resident in Finland responded between 1 and 18 May. Information based on the Consumer Confidence Survey on the economic and employment effects of the current corona pandemic has also be published in Statistics Finland's online Tieto&Trendit periodical.

Consumer confidence indicator (CCI)

All four components of the CCI improved in May from the previous month. However, expectations concerning Finland's economy improved only slightly. Compared with the corresponding period last year, all the components weakened.

In May, consumers' views on Finland's economic development were still gloomy and close to the historical all-time low in 2008 to 2009. By contrast, consumers' assessments of their own economic situation and especially of its near future were only a little below the long-term average in May. In addition, intentions to spend money on durable goods already returned to their average level in one month.

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers' expectations concerning the development of the unemployment situation in Finland also improved in May, but the expectations were still on a gloomy level. The same applied to the personal threat of unemployment experienced by employed consumers, that is, wage and salary earners and self-employed persons at the time of the survey. Consumers' estimates of the future growth rate of consumer prices remained unchanged in May.

In May, consumers considered their own financial situation to be still excellent. The time was regarded even very poor for saving, for taking out a loan and buying durable goods. However, these estimates also improved in a month. In addition, as in April, a considerable number of households considered taking out a loan and buying a dwelling in May during the next 12 months.

Consumer confidence by major region and population group

In May confidence in the economy was strongest in Southern and Western Finland (CCI -6.7 and -7.3). Students (1.2) were the most optimistic population group. Pensioners clearly had the most pessimistic views concerning economic development (-20.0). The CCI received the value -15.2 among self-employed persons.

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 (positive) balance figure, the brighter the view on the economy.

Source: Consumer Confidence 2020, May. Statistics Finland

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

Director in charge: Jari Tarkoma

Publication in pdf-format (407.0 kB)

Reviews

• 1. Examination of response distributions (27.5.2020)
• 2. Method of the Consumer Confidence Survey (27.5.2020)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Consumers' views and intentions 1) (27.5.2020)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.5.2020)
• Appendix figure 2. Own economy (27.5.2020)
• Appendix figure 3. Finland's economy (27.5.2020)
• Appendix figure 4. Inflation (27.5.2020)
• Appendix figure 5. Unemployment (27.5.2020)
• Appendix figure 6. Favourability of time for (27.5.2020)
• Appendix figure 7. Own financial situation and saving possibilities (27.5.2020)
• Appendix figure 8. Intention to raise a loan, next 12 months (27.5.2020)
• Appendix figure 9. Spending on durables, next 12 months vs. last 12 months (27.5.2020)
• Appendix figure10. Intentions to buy, next 12 months (27.5.2020)

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Updated 27.5.2020