Consumer confidence stood at -8.6 in Finland in December, down from -7.4 in November and -6.8 in October, new data from Statistics Finland has revealed.
According to the statistics body, the drop in consumer confidence was due to lower consumption intentions, as well as weak views among consumers regarding their personal finances.
While confidence is declining, the December 2024 level is still an improvement on one year earlier, when consumer confidence stood at -13.3.
Compared to the same month in 2023, the picture of the general economy has ‘improved slightly’, according to Statistics Finland.
Personal finances
Some 29% of the 1,270 respondents surveyed said that their personal financial circumstances had worsened over the past year, while 24% noted an improvement.
In terms of expectations for the coming year, close to a third (30%) believed that their finances would improve, however 19% expect them to decline.
Finnish consumers continue to be concerned about unemployment, with 60% of respondents expecting joblessness to increase in the coming year, while 29% felt that their personal risk of unemployment had grown (compared to 5% that believed it had decreased).
Inflation
In terms of inflation perceptions, Finnish consumers estimated that prices had risen by 5.3% over the past year, and expect a further increase of 4.1% over the next 12 months. A majority of respondents expressed concerns about the continued high rate of price growth.
While the sentiment among consumers is that now is a bad time for major purchases, 56% have been able to save money over the past year, and 71% expect their ability to save to improve over the coming year.
Regional differences were also apparent in the data, with confidence being strongest in Greater Helsinki at -5.5 and weakest in Eastern Finland at -17.2. Elsewhere, women expressed a more negative outlook than men regarding current economic conditions. Read more here.
