Consumer confidence continues to decline in October

The consumer confidence indicator (CCI) stood at minus 6.9 in October, having been minus 5.9 in September and minus 5.1 in August, according to Statistics Finland.

In last year’s October the CCI received the value minus 6.6. The long-term average for the CCI is minus 1.8.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,181 Finnish residents responded between 1 October and 19 October.

Of the four components of the CCI, views concerning the present state of consumer’s own economy and also on spending money on durable goods within one year improved slightly in October from September.

Consumers' expectations concerning their own economy in 12 months remained more or less unchanged, while their expectations concerning Finland's economy in the near future still weakened clearly. Compared with the corresponding period last year, the components of the CCI turned slightly for the worse in October apart from intentions to spend money.

In October, consumers' views on Finland's economic development were gloomy. Expectations concerning one’s own economy in the near future were subdued but estimates of its present state were already fairly bright. Consumers had slightly more intentions of spending money on durable goods than average in October.

Consumers’ expectations concerning the development of the general unemployment situation dropped to an even gloomier level in October. There was also more personal threat of unemployment or lay-off experienced by employed consumers, that is, wage and salary earners and self-employed persons. Consumers' estimates of the growth rate of consumer prices in the coming months rose slightly in October.

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

However, very many were still going to take out a loan in October. Consumers also had plenty plans of buying a dwelling. In addition, very many consumers were considering renovating their dwelling and buying a car.