Last updated 25/09/2019 - 12:11
Consumers losing their strong faith in the positive development of the economy
Consumers have had a strong, even exceptional, faith in the positive development of the economy in the past few years, but this was no longer the case mid-way through this year. The value of the indicator describing the consumers’ faith was 0.7 in the Helsinki Metropolitan Area in July, and the outlook was even more negative in the whole country as the indicator value was -3.9.
Statistics Finland renewed the data collection method of the consumer confidence indicator in May of this year, and the figures are therefore not comparable with previous figures. The age categories of interviewees were altered a little bit and the sample size was reduced somewhat. The data content is also more limited, and all questions now concern the person themselves, not their household. The components of the new confidence indicator are: the consumer’s own current finances, the consumer’s own finances in 12 months, Finland’s economy in 12 months and the consumer’s spending on consumer durables in the next 12 months compared to the previous 12 months.
Macro and micro indicators
The micro indicator describes the consumers’ views about the development of their own finances, i.e., the possibility of saving money in the following 12 months, as well as the development of their own financial status. The micro indicator value was 35.7 in July in the Helsinki Metropolitan Area. This is slightly higher than in Statistics Finland’s consumer faith statistics survey carried out in June. The macro indicator, on the other hand, describes the consumers’ views about the financial development of the country and the development of unemployment. The macro indicator value describing the consumers’ views was -10.3 in July in the Helsinki Metropolitan Area. Faith in the national economy in 12 months was more pessimistic in particular. A worsening of the unemployment situation was also expected.
The figures for times prior to 5/2019 are not comparable with later figures due to the number of interviewees and their age as well as renewals of the interview methods.