Consumer confidence remains strong in July

The consumer confidence indicator stood at 22.8 in July, having been 23.9 in June and 24.1 in May, according to Statistics Finland.

The figures for May to June were the highest in the measuring history 1995 to 2017. Last year in July, the consumer confidence indicator received the value 13.1.

The long-term average for the confidence indicator is 12.0. The data are based on Statistics Finland’s Consumer Survey, for which 1,158 residents in Finland were interviewed between 3 and 18 July.

Of the components of the confidence indicator, expectations concerning consumers' own economy improved in July from June. Views concerning own saving possibilities and Finland’s economy, however, weakened slightly during the period.

The expectation concerning general unemployment remained unchanged. Compared with the corresponding period last year, all the components strengthened in July.

In July, consumers’ expectations concerning Finland's economy and unemployment were very optimistic. The confidence in decreasing unemployment has been highest in ten years during summer. Views concerning one's own economy and possibilities to save were also bright in July.

In July, 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 July that their personal threat of unemployment has decreased somewhat in recent months.

In July, 47 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while only eight per cent of them thought that the country’s economy would deteriorate. In June, the respective proportions were 50 and nine per cent and in July one year ago 38 and 19 per cent respectively.

In all, 28 per cent of consumers in July believed that their own economy would improve and only nine per cent of them feared it would worsen over the year. One month earlier, the corresponding proportions were 26 and 13 per cent, and one year earlier 24 and 14 per cent respectively.