Finish consumer confidence index deteriorates further in October

The Finish consumer confidence indicator dropped further in October. Statistics Finland showed that the consumer confidence index dropped to -6.6 in October from September’s -4.2. In October 2018, the CCI received the value 0.2. The average for the CCI since January 2018 in -0.5. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,008 persons resident in Finland responded between 1 and 20 October.

Consumers’ sentiment in all four components of the CCI softened in October both from September and the previous year. Expectations on the development of Finland’s economy dropped from the previous year and were low in October. Consumers’ views on own current economic situation and the situation in the near future were weak. Meanwhile, the intentions to spend money have also dropped to an average level.

Also, consumers strongly feel that the country’s unemployment situation will soften in the future. Moreover, employed consumer felt that their personal threat of unemployment has risen significantly in recent times. Meanwhile, every second employed respondent did not experience any threat.

Households continue to consider that their own financial situation is good. The time was, in general, regarded favourable for raising a loan but not for purchasing durable goods or for saving.