Consumer confidence negative in July

The consumer confidence indicator (CCI) stood at -3.9 in July, having been -4.6 in June and -1.8 in May,said Statistics Finland in a press release.

Last year in July, the CCI received the value 2.5. The average for the CCI since January 2018 is 0.3. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,050 persons resident in Finland responded between 1 and 19 July. The survey methods were revised in May.

Of the four components of the CCI, only expectations concerning Finland's economy weakened in July from June. The other components improved slightly. Expectations concerning Finland’s economy were very pessimistic. At the same time, views on consumers’ own economic situation now and in the future were subdued. Intentions to spend money on durable goods were clearly higher than average in July.

Compared with the corresponding period last year, all the components of the CCI apart from spending weakened. Especially expectations concerning Finland's economy plummeted over the year.

In July, consumers expected the general employment situation to darken in the near future. Employed consumers also 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 July, consumers considered their own financial situation to be good. The time was, in general, regarded favourable for raising a loan and, with some reservations, also for buying durable goods and saving.

In July, consumers' confidence in the economy was strongest in Greater Helsinki (CCI 0.7) and weakest in Eastern Finland (-9.1). Among population groups, upper-level salaried employees were most optimistic (2.5). Pensioners (-11.9) and unemployed persons (-11.0) clearly had the gloomiest expectations concerning economic development.