Consumer confidence on rise but still below average

The consumer confidence indicator (CCI) stood at minus 3.9 in June, while in May it was at minus 9.0 and in April at minus 13.9, according to the Statistics Finland.

Last year in June, the CCI received the value of minus 4.6. The long-term average for the CCI is minus 1.8.

The data are based on the Statistics Finland’s Consumer Confidence Survey, to which 1,100 persons residing in Finland responded between 1 and 17 June.

All four components of the CCI improved in June from that in the previous month.

The clearest improvement was seen in expectations concerning Finland’s economy in 12 months’ time.

Compared with the corresponding period of last year, expectations concerning one’s own and Finland’s economy are brighter now.

In contrast, the views on one’s own economy at present were slightly worse in June than one year ago, and intentions to spend money on durable goods remained unchanged year on year.

In June, consumers’ views on Finland’s economic development were still weak. In contrast, the views concerning consumers’ own economy at present and in the near future were more or less in line with the long-term average views. In addition, consumption intentions were already quite promising in June.

Consumers’ expectations concerning the development of the unemployment situation in Finland also improved significantly in June, but the expectations were still on a gloomy level.

In June, consumers considered their own financial situation to be still excellent. The time was already regarded as somewhat favourable for saving but poor for buying durable goods and especially for raising a loan.

These estimates also improved clearly in a month. In addition, as in the previous months, a considerable number of households in June considered taking out a loan and buying a dwelling during the next 12 months.