Consumer confidence slides in February

Consumer confidence in the economy weakened for a change in February but is still at a good level, said Statistics in a press release.

The consumer confidence indicator (CCI) stood at 15.5 in February, having been 17.2 in January and 16.1 in December. In last year’s February, the CCI received the value 25.8. The long-term average for the CCI is 12.7. The data are based on Statistics Finland’s Consumer Survey, for which 1,183 people resident in Finland were interviewed between 1 and 18 February.

Of the four components of the CCI, expectations of one’s own and Finland’s economy weakened in February compared to January. The views on one’s own economy still remained reasonable, whereas the views on Finland’s economy were fairly gloomy. At the same time, the assessment about the development of unemployment improved slightly and was at a confident level. In February, expectations on consumers’ own saving possibilities remained almost unchanged and very bright.

Compared with the corresponding period last year, only the views on saving possibilities improved in February. The other components weakened clearly over the year.

In February, consumers considered their household’s financial situation to be very good. Employed consumers felt that their personal threat of unemployment has decreased significantly in recent times. The time was regarded very favourable for saving and, for a change, also good for taking out a loan but not so much for buying durable goods. In February, intentions to spend money on durable goods showed some signs of picking up compared to last year and especially to January.

In February, confidence in the economy was strongest in Western Finland (consumer confidence indicator 18.0). Among population groups, upper-level salaried employees were most optimistic (23.5). Only pensioners had gloomy expectations concerning economic development (5.5).