Consumer confidence remains gloomy in Oct

The consumer confidence indicator (CCI) stood at minus 17.6 in October, having been minus 18.3 in September and minus 14.9 in August, according to Statistics Finland.

The figures for September to October were the weakest in the measuring history 1995 to 2022.

In last year’s October the CCI received the value 2.7. The long-term average for the CCI is minus 2.0.

The data are based on Consumer Confidence Survey, to which 1,011 persons resident in Finland responded between 1 and 18 October.

Consumers' expectations concerning Finland's economy in 12 months' time were the gloomiest ever.

Expectations concerning one's own economy were also very weak, as was the assessment of its state at the time of the survey.

However, expectations concerning one's own economy improved compared to the previous month, while the estimate of the present state fell.

Compared to one year ago, the economic outlook was now clearly gloomier.

Consumers’ intentions to spend money on durable goods were record low. The time was considered the worst ever for shopping. Plans to buy a dwelling also dropped below the average level.

Estimates of inflation at the time of the survey and in 12 months’ time were highest in the measuring history.

Consumers continued to regard their own financial situation as good. In addition, consumers felt that their personal threat of unemployment had lessened even though their views about general unemployment became slightly gloomier.