Sunday 9/20/20

Consumer confidence in the economy continues to fall in 2020

Unemployed persons and pensioners have the gloomiest expectations concerning economic development.
Consumer confidence in the economy continues to fall in 2020

Consumer confidence in the Finnish economy continues to fall in 2020, according to Statistics Finland.

The consumer confidence indicator (CCI) stood at -4.6 in January, having been -4.2 in December. Last year in January, the CCI received the value -2.4.

Of the four components of the CCI, consumers’ views of their own current economy and their spending money on durable goods weakened somewhat in January compared to December. In turn, their expectations concerning the near future of their own and Finland's economy improved slightly.Consumer-confidence-by-Statistics-FinlandSource: Statistics Finland.

Compared with the corresponding period last year, the components of the CCI weakened apart from increased intentions to spend money.

In January, consumers’ image of their own economy was altogether good, while their views concerning spending money and especially about economic development in Finland were weak.Consumer-expectationsSource: Statistics Finland.

More confidence in Helsinki area

In January, consumers' confidence in the economy was strongest in Greater Helsinki (CCI 1.9) and weakest elsewhere in Southern Finland (-9.3).

Among population groups, upper-level salaried employees were most optimistic (3.2). Unemployed persons (-14.7) and pensioners (-13.3) had clearly the gloomiest expectations concerning economic development in January.

According to Statistics Finland, consumer confidence usually decreases with the person’s age, and correspondingly the confidence typically increases as income grows. Men are likely to have better confidence in the economy than women.