Consumer confidence remains low in Aug

The balance figure of the consumer confidence indicator (CCI) in August was minus 14.9, which was minus 15.9 in July and minus 14.3 in June, according to Statistics Finland.

Last year in August, the CCI received the value 4.0. The long-term average for the CCI is minus 1.9.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 976 residents in Finland responded between 1 and 18 August.

In August, consumers’ assessments of their own economy at present and expectations concerning it improved compared to July.

Expectations concerning Finland’s economy weakened. Compared with August last year, the views on the economy grew clearly gloomier.

All views on the economy were very pessimistic. Expectations concerning Finland’s economy were about gloomiest in the measuring history from 1995 to 2022.

Consumers had only little intention to spend money on durable goods. The time was considered worst ever for buying durable goods. Intentions to buy a dwelling and raising a loan were average.

Consumers still considered their own financial situation to be good. Employed persons estimated that the personal threat of unemployment or temporary lay-off had worsened to an average level.

In August, consumer confidence was strongest in Eastern Finland and in Greater Helsinki (CCI minus 11.6 and minus 11.8). Confidence was weakest elsewhere in Southern Finland (minus 17.9).

Of population groups, students were most optimistic (minus 6.7). Pensioners clearly had the most negative expectations concerning economic development (minus 24.5).