Consumer confidence remains very weak in September

The balance figure of the consumer confidence indicator stood at minus 8.1 in September, having been minus 7.2 in both August and July, according to Statistics Finland.

One year ago in September, the consumer confidence indicator (CCI) received the value minus 11.5.

The long-term average for the CCI is minus 2.6.

The data are based on Statistics Finland’s consumer confidence survey, to which 1,268 persons resident in Finland responded between September 1 and September 18.

In September 2024, views on consumers’ own and Finland's economy weakened slightly from the previous month but improved somewhat from one year back.

The time was regarded even more unfavourable than before for buying durable goods and intentions to spend money on consumption were low. Fairly few were planning to buy a dwelling.

Expectations concerning general development of unemployment remained quite gloomy, and consumers felt that their personal threat of unemployment was relatively high.

In September, consumer confidence was strongest in Western Finland (CCI minus 6.1). Confidence was weakest in Eastern Finland (minus 10.9).

Of population groups, self-employed persons were most optimistic ( minus 1.6). Unemployed persons had the gloomiest expectations concerning economic development (minus 19.4).

Women (minus 10.5) described economic development in September as gloomier than men did (minus 5.6).

Both the estimates of the economy at present and expectations concerning the development of consumers’ own economy were on a very weak level.

Consumers' expectations concerning Finland's economy in 12 months' time were subdued in September.

Twenty-eight per cent of consumers thought in September that their own economy was weaker at the time of the survey than one year ago.

Twenty-three per cent of consumers regarded their own economy stronger than in the previous year.

As many as 62 per cent of consumers thought in September that Finland’s economic situation was now worse than one year earlier, and only 10 per cent saw it as better.

In September, 22 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while as many as 39 per cent of them thought that our country’s economy would deteriorate.

Altogether 27 per cent of consumers believed in September that their own economy would improve and 19 per cent of them feared it would worsen over the year.

Consumers' expectations concerning the development of the general unemployment situation in Finland remained nearly unchanged and on a weak level in September.

Only 13 per cent of consumers expected that unemployment would decrease over the next year, and over one half, 55 per cent believed it would increase.

Employed consumers (wage and salary earners and self-employed persons) reckoned in September that their personal threat of unemployment or lay-off was still fairly high.

Five per cent of employed persons believed that their personal threat had lessened and 27 per cent thought the risk had grown. On the other hand, 42 per cent of employed persons felt in September that they were not threatened by unemployment or temporary lay-off at all.