Consumer confidence stands at 7-year high

Consumers’ confidence in the economy has strengthened further in March and reached at seven-year high, according to the Statistics Finland.

The consumer confidence indicator stood at 22.9 in March, having been 20.8 in February and 21.0 in January, said a press release of the Statistics Finland.

The March figure is the highest measured – the same figure was reached in September 2010.

In last year’s March, the consumer confidence indicator received the value 10.4. The long-term average for the confidence indicator is 11.9.

The data are based on Statistics Finland’s Consumer Survey, for which 1,191 people resident in Finland were interviewed between 1 and 17 March.

All the four components of the consumer confidence indicator, that is, expectations of one’s own and Finland’s economy, general unemployment and the household’s saving possibilities, improved somewhat in March compared with February.

Compared with the corresponding period last year, all the components of the indicator apart from saving possibilities improved very clearly.

In March, consumers’ views on their own and Finland’s economy were very positive. The assessment of unemployment development was also optimistic. Consumers considered their household's saving possibilities good over the next 12 months.

In March, consumers regarded the time very favourable for taking out a loan but not so much for buying durable goods or for saving. Employed consumers felt in March that their personal threat of unemployment had decreased clearly.

In March, 46 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while only 11 per cent of them thought that the country’s economy would deteriorate. In February, the respective proportions were 47 and 14 per cent and twelve months ago in March 36 and 26 per cent.

In all, 31 per cent of consumers believed in March that their own economy would improve and only 9 per cent of them feared it would worsen over the year. One month earlier, the corresponding proportions were 29 and 13 per cent, and one year earlier 24 and 15 per cent.