Consumer confidence remains strong

The consumer confidence indicator (CCI) stood at 23.9 in June while in May it was 24.1 and in April 21.5, according to Statistics Finland.

The figures for May to June are the highest in the measuring history 1995 to 2017.

Last year in June, the CCI received the value 14.9. The long-term average for the CCI is 12.0. The data are based on Statistics Finland’s Consumer Survey, for which 1,161 people resident in Finland were interviewed between 1 and 16 June.

The components of the CCI did not change considerably in June compared to May. Expectations concerning consumers' own economy have, however, weakened gradually since spring. Correspondingly, views concerning Finland's economy and general unemployment already show over a twelve-month rising trend. Compared with the corresponding period last year, all the CCI components improved in June.

In June, consumers’ views concerning Finland's economy and unemployment were very bright. The confidence in decreasing unemployment was highest in ten years and the views on Finland’s economy were the best in seven years. Views concerning possibilities to save were also optimistic. Expectations concerning consumers' own economy were at the long-term average level in June.

In June, consumers regarded the time very favourable for taking out a loan and also a little for saving and buying durable goods. Employed consumers felt in June that their personal threat of unemployment has decreased clearly in recent months.

In June, 50 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while only nine per cent of them thought that the country’s economy would deteriorate. Twelve months previously, the corresponding proportions were 47 and 18 per cent in June.

In all, 26 per cent of consumers believed in June that their own economy would improve and 13 per cent of them feared it would worsen over the year. One month earlier these proportions were 27 and 12 per cent.

Altogether 45 per cent of consumers thought in June that unemployment would decrease over the year, while 14 per cent of them believed it would increase. Twelve months previously, the corresponding proportions were rather gloomy 25 and 35 per cent.

Eighteen per cent of employed persons reckoned in June that their personal threat of unemployment had lessened over the past few months, while 12 per cent thought it had grown. Twenty-six per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers estimated in June that consumer prices would go up by 1.8 per cent over the next 12 months. One year earlier the predicted inflation rate was 1.3 per cent, and its long-term average is 2.2 per cent.