Consumer confidence in economy weakens in Oct

The consumer confidence indicator (CCI) stood at 2.7 in October, having been 6.0 in September and 4.0 in August, according to Statistics Finland.

In last year’s October the CCI received the value minus 6.9. The long-term average for the CCI is minus 1.7.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,025 persons resident in Finland responded between 1 and 19 October.

Of the components of the CCI, both expectations and views concerning consumers’ own economy at present were very bright in October. Expectations concerning Finland’s economy were also optimistic. In addition, consumers had plenty of intentions to buy durable goods in October.

Compared with September, expectations concerning one’s own economy in 12 months remained more or less unchanged in October.

The other three components weakened clearly. Compared with last year’s October, the components were now considerably stronger apart from intentions to buy durable goods, which in October were similar to one year ago.

Consumers’ expectations concerning the development of the general unemployment situation in Finland weakened slightly in October but still remained bright.

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

In October, consumers’ anticipation of the growth rate of consumer prices, i.e. inflation in 12 months, clearly exceeded its average long-term average.

As in previous months, consumers considered their own financial situation to be excellent in October. The time was considered very favourable for saving, also favourable for raising a loan and reasonable for buying durable goods. Saving possibilities were expected to be still fairly high in the coming months.

Consumers still had very many intentions to buy a dwelling in October. Many consumers also had plans for home repairs. In addition, very many considered buying a car during the next 12 months. As in the past few months, interest in raising a loan also was also notably common in October.