Consumer confidence hits record low

The consumer confidence indicator (CCI) stands at minus 13.9 in April, which was minus 7.1 in March and minus 4.5 in February, according to Statistics Finland.

The April figure is the most dismal in the consumer confidence measuring history that spans 1995 to 2020.

Last year in April, the CCI received the value of minus 1.7, which is also the long-term average for the indicator.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,134 people residing in Finland responded between 1 and 19 April.

In April, all the four components of the CCI weakened clearly from that in the previous month, as well as from that in the corresponding month of last year.

The components are: views on consumers’ own economy now, expectations concerning their own economy as well as of Finland in the next 12 months, and intentions to spend money on durable goods in the next 12 months.

In April, each component of the CCI was on a dismal level and, at the same time, close to its record low in 2008 to 2009, except for views on one’s own economy at present. Consumers had fewer intentions of buying durable goods in April than ever before.

Consumers’ estimate of the development of employment situation in Finland also dropped to a gloomy level in April.

The same applied to the personal threat of unemployment experienced by consumers, that is, wage and salary earners and self-employed persons. This threat was considered the worst ever. In contrast, expectations concerning the rising rate of consumer prices remained unchanged in April.