Consumer confidence weakens in October

The consumer confidence indicator (CCI) stood at minus 6.6 in October, sliding from minus 4.2 in September and minus 4.5 in August, according to the Statistics Finland.

In last year’s October the CCI received the value 0.2. The average for the CCI since January 2018 is minus 0.5.

The data are based on the Statistics Finland’s Consumer Confidence Survey to which 1,008 residents in Finland responded between 1 and 20 October.

Consumers’ confidence in all four components of the CCI weakened in October compared to that of both September and the corresponding month in the previous year.

Expectations on the development of Finland’s economy plummeted from the previous year and were gloomy in October.

The views on consumers’ own current economic situation and the situation in the near future were subdued. At the same time, intentions to spend money have also decreased to an average level.

In October, consumers foresaw strongly that Finland’s unemployment situation will also weaken in the future. Furthermore, employed consumers felt that their personal threat of unemployment has increased considerably in recent times. On the other hand, every second employed respondent did not experience any threat.

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