Consumer confidence declines in June

The consumer confidence indicator (CCI) stood at -4.6 in June, while in May it was -1.8 and in April -1.7. Last year in June, the CCI received the value 1.7, according to Statistics Finland.

The average for the CCI since January 2018 is 0.5. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,019 persons residingin Finland responded between 1 and 17 June. The survey methods were revised in May.

Of the four components of the CCI, only intentions to spend money on durable goods remained unchanged in June from May. The other components weakened clearly. Expectations concerning Finland’s economy in general were very pessimistic. Views on consumers’ own economic situation now and in the future were also weak. Consumers’ intentions to spend money on durable goods were higher than average in June.

In June, the CCI components weakened compared with the corresponding period last year as well, apart from intentions to spend money. Especially expectations concerning Finland's economy plummeted over the year.

In June, consumers considered their own financial situation weaker than previously. The time was, in general, regarded favourable for raising a loan, but not so much for saving or buying durable goods. In June, employed consumers felt that their personal threat of unemployment has increased in recent times. On the other hand, every second employed person did not experience any threat.

In June, consumers' confidence in the economy was strongest in Greater Helsinki (CCI -0.1) and weakest in Eastern Finland (-10.3). Among population groups, upper-level salaried employees were most optimistic (1.3). Pensioners clearly had the gloomiest expectations concerning economic development (-13.8).