Consumer confidence in economy further weakens in Dec

The consumer confidence indicator (CCI) stood at minus 3.5 in December whereas in November it was 1.2 and in October 2.7, according to Statistics Finland.

Last year in December, the CCI received the value minus 4.6. The long-term average for the CCI is minus 1.7.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 913 persons resident in Finland responded between 1 and 16 December.

All four components of the CCI weakened clearly in December when compared to November.

However, compared to December last year, expectations concerning Finland's economy in 12 months strengthened and the other components remained more or less unchanged.

In December, expectations of consumers’ own and, in particular, Finland’s economy were subdued. Consumers' views of their own economy at present and intentions to buy durable goods were in line with their long-term average level.

Consumers’ expectations concerning the development of the general unemployment situation in Finland weakened slightly in December but remained relatively bright. This was more or less 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 December, consumers’ estimates and expectations concerning the growth rate of consumer prices, i.e. inflation, remained unchanged and clearly higher than their long-term average.

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

In December, consumers still had fairly plenty of intentions to buy or build a dwelling. In addition, very many consumers had plans for home repairs. Many were also considering buying a car during the next 12 months. As in the past few months, interest in raising a loan was also very common in December.