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Published: 25 February 2022

Consumer confidence continued to strengthen in February

The balance figure of the consumer confidence indicator (CCI) stood at 0.5 in February, having been -1.7 in January and -3.5 in December. In last year’s February, the CCI received the value -0.8. The long-term average for the CCI is -1.7. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 988 persons resident in Finland responded between 1 and 16 February.

Consumer confidence indicator (CCI)

Of the four components of the CCI, expectations concerning consumers’ own economic situation in 12 months were very bright in February. Consumers' views of their own economy at present were also positive, and consumers had plenty of intentions to buy durable goods. In February, expectations concerning Finland's economy were on average level.

Compared to January, expectations concerning consumers’ own economy remained almost unchanged in February. The other three components strengthened. Compared with last year's February, the assessment of the present state of consumers’ own economy improved clearly, while the other components remained unchanged or weakened slightly.

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 improved significantly in February. However, the personal threat of unemployment or temporary lay-off experienced by employed persons, i.e. wage and salary earners and self-employed persons, grew slightly over the same period. In February consumers' estimates and expectations concerning inflation were ever higher than their long-term averages.

Consumers continued to regard their own financial situation even stronger than before in February. The time was again regarded as fairly favourable for saving, but rather poor for buying durable goods and now also for raising a loan. Possibilities for saving were expected to be very high in the coming months.

In February, consumers still had considerably many intentions to buy a dwelling or build a house. By contrast, plans concerning home renovation and buying a car decreased in February to the average level. As in the past few months, interest in raising a loan was also quite common in January.

Consumer confidence by major region and population group

In February, consumer confidence was, as usual, clearly strongest in Greater Helsinki (CCI 8.6). Confidence was weakest in Western Finland (-3.8). Among population groups, upper-level salaried employees were most optimistic (5.9). Self-employed persons (-7.5) and pensioners (-7.4) had the gloomiest expectations concerning economic development in February.

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 2022, February. Statistics Finland

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

Head of Department in charge: Hannele Orjala

Publication in pdf-format (420.2 kB)

Reviews

• 1. Examination of response distributions (25.2.2022)
• 2. Method of the Consumer Confidence Survey (25.2.2022)

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) (25.2.2022)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (25.2.2022)
• Appendix figure 2. Own economy (25.2.2022)
• Appendix figure 3. Finland's economy (25.2.2022)
• Appendix figure 4. Inflation (25.2.2022)
• Appendix figure 5. Unemployment (25.2.2022)
• Appendix figure 6. Favourability of time for (25.2.2022)
• Appendix figure 7. Own financial situation and saving possibilities (25.2.2022)
• Appendix figure 8. Intention to raise a loan, next 12 months (25.2.2022)
• Appendix figure 9. Spending on durables, next 12 months vs. last 12 months (25.2.2022)
• Appendix figure10. Intentions to buy, next 12 months (25.2.2022)

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Updated 25.2.2022