Consumer confidence weakens in May

The consumer confidence indicator (CCI) stood at minus 1.8 in May this year, which was 4.1, clearly higher value in May 2018, according to Statistics Finland.

The CCI was minus 1.7 in April minus 2.4 in March this year. The average for the CCI since January 2018 is 0.8.

The data are based on Consumer Confidence Survey where 1,034 people responded between May 1 and 15 May.

Consumers’ views on their own current economy and also the expectations of their own economy in 12 months improved slightly in May compared to April.

By contrast, their expectations about Finland’s economy were gloomy. Intentions to spend money on durable goods remained unchanged and consumers had more such intentions in May than average.

The views of consumers’ own current economy were bright, while the expectations on the future were cautious despite improving. In May, expectations concerning Finland’s economy were bleak.

Compared with the corresponding period last year, only views on the current own economy improved slightly in May. Expectations concerning Finland’s economy in general collapsed in a year.

In May, consumers considered their own financial situation to be very good. The time was, in general, regarded favourable for saving and for raising a loan, but not, for buying durable goods.

In May, employed consumers felt that their personal threat of unemployment has increased in recent times. On the other hand, every second respondent did not experience any threat.

Consumers’ confidence in the economy was strongest in Western Finland (CCI -0.1) and weakest in Eastern Finland (-6.4). Among population groups, upper-level salaried employees were most optimistic (3.1). Pensioners clearly had the gloomiest expectations concerning economic development (-11.1).