Sunday 8/1/21

Consumer confidence in Finnish economy strongest in over three years

Upper-level salaried employees and students were the most optimistic
A woman walks down a shopping street in central Helsinki. Photo:
A woman walks down a shopping street in central Helsinki. Photo:

Summer and the measures to reopen the economy and the country have increased the optimism of the Finns regarding the future of the economy.

According to Statistics Finland's survey, the consumer confidence indicator (CCI) stood at 4.6 in June, while in May it was 2.7 and in April 3.8.

Screenshot 2021-06-28 at 09-15-03 Statistics Finland - Consumer ConfidenceSource: Statistics Finland.

The figure for June is highest since February 2018. Last year in June, the CCI received the value -3.9.

Compared with June last year, all four components of the CCI were now on a better level, especially expectations concerning Finland's economy.

Consumers’ expectations concerning the development of the general unemployment situation in Finland also became brighter. This was also more or less the case for views of the personal threat of unemployment or temporary lay-off experienced by the employed.

Time favourable for saving

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.

Screenshot 2021-06-28 at 09-14-47 Statistics Finland - Consumer Confidence

Source: Statistics Finland.

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 and there were a great deal of plans to renovate the dwelling.

Among population groups, upper-level salaried employees (CCI 11.3) and students (10.1) were the most optimistic. Unemployed persons (-4.5) and pensioners (-2.7) still had the most pessimistic expectations concerning economic development.

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