Consumer confidence in the Finnish economy is ‘gloomy’, although it has shown signs of improvement, according to trade association Kaupan Liitto.
In December, consumers‘ assessment of the current state of their own finances, as well as their expectations about their own and Finland’s general economy a year from now were at a ‘very weak’ level, the group said.
However, compared to the corresponding month a year earlier, views about both their personal economic circumstances and the general economy improved somewhat.
Weakest level of the year
“Consumer confidence weakened in December to its weakest level in 2023, still remaining far from the dip of a year ago,” commented commented Kaupan Liitto‘s Heidi Lauttamäki.
“Regarding the underlying indicators, confidence in 12 months from now, both in Finland and in the own economy, has recovered in December, but the view of the current own economy has weakened.”
An indication of the gloomy nature of the economy is underlined by the fact that just 10% of consumers believe that the current market is a favourable one in which to make expensive purchases.
Job concerns
Consumers also have concerns about the jobs market, with just 10% expecting unemployment to decrease over the next year, and as many as 61% estimating that unemployment would increase.
“The perceived own financial situation weakened significantly from the figures of the previous months,” added Lauttamäki.
The information is based on Statistics Finland’s consumer confidence survey, which was answered by 1,235 individuals living in Finland in December 2023.
