|Updated: 27.10.2017 - Next update: 27.11.2017|
No end in sight for strong consumer confidence in October
Consumers confidence in the economy has been very strong soon for one year. The consumer confidence indicator (CCI) stood at 23.1 in October, having been 23.7 in September and 23.5 in August. In last years October the CCI received the value 15.8. The long-term average for the CCI is 12.2. The data are based on Statistics Finlands Consumer Survey, for which 1,184 people resident in Finland were interviewed between 2 and 19 October.
Of the components of the CCI, expectations on own and Finlands economy improved slightly in October compared with September. Expectations concerning the development of unemployment remained more or less unchanged and estimates on households saving possibilities weakened a little. Compared with the corresponding period last year, all CCI components improved in October.
In October, consumers expectations concerning Finland's economy and unemployment were very optimistic. Consumers assessments about their own economic situation and saving possibilities were also bright.
Consumers regarded the time very favourable for taking out a loan and for a long time also for saving. Buying of durable goods was also considered worthwhile. Employed consumers felt in October that their personal threat of unemployment has decreased in recent months.
Consumers' own and Finland's economy
In October, 48 per cent of consumers believed that Finlands economic situation would improve in the coming twelve months, while 10 per cent of them thought that the countrys economy would deteriorate. In September, the respective proportions were 46 and 9 per cent and in last year's October 41 and 17 per cent.
In October, 29 per cent of consumers believed that their own economy would improve and 10 per cent of them feared it would worsen over the year. One month earlier, the corresponding proportions were 27 and 11 per cent, and one year earlier 26 and 13 per cent.Statistical release
Statistics Finland / Consumer survey
Description of indicator
The Consumer Survey is a telephone interview survey by means of which it is possible to measure Finns’ images of the general economic development and the financial situation of one's own household and intentions to make major purchases, save money or take out a loan.
The consumer confidence indicator is the average of the balance figures for the CCI components. The balance figures and the confidence indicator can range between -100 and +100 – the higher (positive) balance figure, the brighter the view on the economy.