Consumer confidence hits 3-year high

The consumer confidence indicator (CCI) stood at 4.6 in June, while in May it was 2.7 and in April 3.8, according to Statistics Finland.

The figure for June is highest since February 2018 (4.9).

Last year in June, the CCI received the value minus 3.9. The long-term average for the CCI is minus 1.8.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 956 persons resident in Finland responded between 1 and 17 June.

Of the four components of the CCI, expectations concerning consumers’ own economic situation in 12 months weakened slightly in June to May.

By contrast, the estimate of the present state of their own economy and expectations concerning Finland's economy improved clearly.

Intentions to spend money on durable goods in the next 12 months remained unchanged in June. Compared with June last year, all four components of the CCI were now on a better level, especially expectations concerning Finland's economy.

Of the components of the CCI, both views concerning consumers' own economy and intentions to spend money on durable goods were very strong in June. The views concerning the future development of Finland’s economy were also bright.

Consumers’ expectations concerning the development of the general unemployment situation in Finland also became ever brighter in June.

This was also more or less the case for views of the personal threat of unemployment or temporary lay-off experienced by employed, that is, wage and salary earners and self-employed persons at the time of the survey.

In June, consumers’ estimates of the growth rate of consumer prices over the coming months remained unchanged, close to their long-term average.

In June, consumers considered their own financial situation to be still excellent. The time was regarded very favourable for saving and also moderate for taking out a loan and buying durable goods. Saving possibilities were expected to be still high in the coming months.

In June, considerably many still intended to take out a loan within one year.

As in the past few months, consumers also had considerably plenty of plans to buy a dwelling. In addition, very many considered buying a car in June during the next 12 months and there were a great deal of plans to renovate the dwelling.