Consumer Confidence Index in Finland
According to Statistics Finland, the consumer confidence indicator (CCI) fell to -13,9 in April 2020, having been -7,1 in March and -4,5 in February.
The Consumer Confidence Index (CCI) is an economic indicator based on consumer surveys that shows the overall situation in economy, people's expectations and degree of their optimism: how they are confident in the future, in the stability of their income and expected financial situation, whether they are ready for spending money on purchases or not. This indicator shows the future development of households' consumption and saving. It is believed that the better the situation in economy, the higher the consumer confidence indicator. Conversely, the worse the situation in economy, the more people tend to save money and spend less.
The April figure is the most dismal in the measuring history of 1995–2020 of consumer confidence. The data are based on Statistics Finland’s Consumer Confidence Survey on the economic and employment effects of the current corona pandemic, to which 1 134 persons resident in Finland responded between 1 and 19 April.
In April, all 4 components of the CCI weakened clearly from March 2020, as well as from the April 2019. The components are: views on consumers’ own economy now, expectations concerning their own and Finland's economy in 12 months, and intentions to spend money on durable goods in the next 12 months. In April, each component of the CCI was on a depressing level and close to its record low level in 2008 to 2009, except for views on one’s own economy at present. Consumers had less intentions to buy durable goods in April 2020 than ever before.
In Finland consumers’ estimate of the development of employment situation, personal threat of unemployment also dropped to a gloomy level in April. In contrast, expectations concerning the rising rate of consumer prices remained unchanged.
Consumers considered their own financial situation to be still excellent in April – even though saving possibilities in the next few months were not assessed any more as usual. The time was now regarded very poor for saving, for taking out a loan and buying durable goods. Nevertheless, many in April were still thinking of buying a dwelling and taking out a loan in the next 12 months.
Source: You can find full statistic data at Statistics Finland website.
Published 27.04.2020