Consumers see gloomy economic development

The consumer confidence indicator (CCI) stood at minus 4.6 in December, whereas in November it was minus 4.8 and in October minus 6.9, according to the Statistics Finland.

Last year in December, the CCI received the value of minus 4.2. The long-term average for the CCI is minus 1.8.

The data are based on the Statistics Finland’s Consumer Confidence Survey, to which 1,133 residents of Finland responded between 1 and 16 December.

There were only minor changes in the components of the CCI in December compared with that of November.

Consumers’ intentions to spend money on durable goods decreased slightly in a month. The other three components improved slightly.

By contrast, compared to the corresponding period last year, the views on the present state of the own economy weakened clearly and the expectations concerning Finland’s economy improved somewhat in December.

The other two components, that is, expectations concerning one’s own economy and intentions to spend money on durable goods remained unchanged in the year.

In December, consumers’ views on Finland’s economic development were still gloomy. The other three components were on the long-term average level.

Consumers’ expectations concerning the development of the general unemployment situation in Finland remained unchanged and at a gloomy level in December.

The view on the personal threat of unemployment or temporary lay-off at the time of the survey became somewhat gloomier among employed persons, i.e., wage and salary earners and self-employed persons. Consumers’ estimates of the rising rate of consumer prices in the coming months remained more or less unchanged and clearly below their average in December.

In December, consumers still considered their own financial situation to be excellent.

The time was regarded as reasonable for saving and poor for buying durable goods and especially for raising a loan. However, in December very many were still intending to raise a loan. Consumers also had plenty of plans to buy a dwelling. In addition, many were considering renovating their dwellings.