Finland Times

 

Consumer confidence indicator (CCI). Source: Consumer Survey 2016, September. Statistics Finland.

The consumer confidence indicator (CCI) stood at 14.4 in September, having been 15.7 in August and 13.1 in July.

 

Last year in September, the CCI received the value 4.2. The long-term average for the CCI is 11.7, according to the data based on Statistics Finland’s Consumer Survey.

 

A total of 1,202 people resident in Finland were interviewed between 1 and 20 September for the survey.

 

Of the four components of the CCI, only assessments of the household’s saving possibilities weakened in September from August.

 

Views of Finland’s economy and the consumers' own economy remained almost unchanged and views on unemployment improved slightly. Compared with the corresponding period last year, all the components of the CCI apart from saving improved clearly in September.

 

Consumers’ expectations concerning Finland’s economy were bright in September. By contrast, consumers’ views on their own economy were rather subdued and the views concerning general unemployment were on the long-term average level. Consumers considered their own saving possibilities good over the next 12 months.

 

In September, consumers regarded the time favourable for buying durable goods and especially for taking out a loan but not for saving.

 

The personal threat of unemployment experienced by employed consumers was at the long-term average level.

 

In September, 39 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 19 per cent of them thought that the country’s

economy would deteriorate. Twelve months previously, the corresponding proportions were 24 and 36 per cent in September.

 

In all, 25 per cent of consumers believed in September that their own economy would improve and 14 per cent of them feared it would worsen over the year.

 

Altogether 28 per cent of consumers thought in September that unemployment would decrease over the year, while 30 per cent of them believed it would increase. The corresponding proportions were 28 and 33 per cent one month ago and 12 and 61 per cent one year ago.

 

Consumers' expectations concerning their own and Finland's economy in 12 months' time. Source: Consumer Survey 2016, September. Statistics Finland.

Thirteen per cent of employed persons reckoned in September that their personal threat of unemployment had lessened over the past few months, while 20 per cent thought it had grown. Twenty-three per cent of employed persons felt that they were not threatened by unemployment at all.

 

Consumers estimated in September that consumer prices would go up by 1.3 per cent over the next 12 months. The predicted long-term average inflation rate is 2.2 per cent.

 

In September, 47 per cent of consumers thought the time was favourable for making major purchases. General intentions to spend money were still moderate. Sixteen per cent of households were fairly or very certain to buy a car and six per cent a dwelling during the next 12 months.

 

In September, 19 per cent of households were planning to spend money on renovating their dwelling within a year.

 

Fifty- two per cent of consumers considered saving worthwhile. In all, 66 per cent of households had been able to lay aside some money and 77 per cent believed they would be able to do so during the next 12 months.

 

In September, 70 per cent of consumers regarded the time good for raising a loan. Twelve per cent of households considered raising a loan within one year.

 

Consumers' confidence in the economy was strongest in Greater Helsinki. Among population groups, upper-level salaried employees were most optimistic.

 

Pensioners and unemployed persons had the gloomiest expectations concerning economic development.

 

In August, as many as 88 per cent of households with persons aged 15 to 84 had a home computer and 90 per cent had an Internet connection at their disposal. Fifty-two per cent of households owned a tablet. Seventy-five per cent of households owned at least one smartphone and 17 per cent some type of wearable technology like an activity tracker or smartwatch.

 

Twenty-eight per cent of households were watching a smart TV in August. As many households had a gaming console and three per cent even a remote-controlled camera copter.

Eighty per cent of households owned a car in August.   

 

Consumers' views of the economy

	Average 10/1995-	Max. 10/1995-	Min. 10/1995-	09/2015	08/2016	09/2016	Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4	11.7	22.9	-6.5	4.2	15.7	14.4	+
B2 Own economy in 12 months' time (balance)	8.3	14.1	2.3	4.8	8.2	7.1	-
B4 Finland's economy in 12 months' time (balance)	3.2	25.3	-27.1	-9.5	9.7	9.2	+
B6 Inflation in 12 months' time (per cent)	2.2	4.6	0.6	1.5	1.4	1.3
B7 Unemployment in Finland in 12 months' time (balance)	-4.1	27.6	-51.1	-28.3	-3.9	-1.7	=
B8 Own threat of unemployment now (balance)	-1.4	7.6	-18.8	-3.7	-1.5	-3.1	=
C1 Favourability of time for purchasing durables (balance)	18.3	41.8	-14.2	15.5	24.4	21.4	+
C2 Favourability of time for saving (balance)	10.4	36.8	-19.6	5.2	9.4	3.7	-
C3 Favourability of time for raising a loan (balance)	17.3	42.0	-47.1	14.3	31.7	29.5	+
D2 Household's saving possibilities in the next 12 months (balance)	39.4	52.2	10.9	49.7	48.8	42.9	+

Source: Consumer Survey 2016, September. Statistics Finland.