Consumer confidence in economy remains strong in Aug

Although the consumer confidence indicator (CCI) slightly weakened in August compared to the previous two months, still it remained strong than the long-term average.

The CCI stood at 4.0 in August, whereas in July it was 4.4 and in June 4.6, according to Statistics Finland.

Confidence in the economy continued very strong in August, as the long-term average of the CCI is minus 1.7. In the corresponding period last year, the CCI received the value minus 5.1.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 971 persons resident in Finland responded between 1 and 19 August.

Of the four components of the CCI, consumers’ views of their own economy at present were in August brightest in the entire measuring history, 1995 to 2021.

Expectations of their own economy in 12 months were also very optimistic. In addition, consumers had plenty of intentions to spend money on durable goods in the coming months. Views of the future development of Finland’s economy were also good in August.

Compared to July, expectations concerning one's own economy improved in August. By contrast, expectations about Finland’s economy weakened in a month.

Views of their own economy at present and intentions to spend money remained more or less unchanged in August. Compared with August last year, all four components of the CCI were now even clearly stronger.

Consumers' expectations concerning the development of the general unemployment situation in Finland weakened slightly in August but still remained bright.

This was also the case for views of the personal threat of unemployment or temporary lay-off experienced by the employed, that is, wage and salary earners and self-employed persons at the time of the survey. In August, consumers’ anticipation of the rise in consumer prices, i.e. inflation in 12 months was already going above its long-term average.

As in previous months, consumers regarded their own financial situation to be excellent in August. The time was considered very favourable for saving, also favourable for raising a loan and reasonable for buying durable goods. Saving possibilities were expected to be still high in the coming months.

As in the past few months, considerably many intended to take out a loan within one year in August. Similarly, consumers still had plenty of plans to buy a dwelling. There were also a great deal of plans for home renovation, and in August many considered buying a car over the next 12 months.