In July, consumer confidence in Finland was at its lowest in its entire measuring history from 1995 to 2022

Consumer confidence in areas of residence and population groups

In July, consumer confidence was, as usual, clearly strongest in Greater Helsinki (CCI -10.2). Confidence was weakest in Northern Finland (-21.3). Of population groups, students were most optimistic (-4.2). In July, pensioners clearly had the gloomiest expectations concerning economic development (-27.3). More detailed information is available in the figures and database tables.

Consumers’ own and Finland’s economy

Both consumers’ assessments of their own economy at present and expectations concerning it grew gloomier in July compared to June and especially compared to July last year. Expectations concerning Finland’s economy in 12 months also weakened clearly from one year ago but remained more or less unchanged compared to June.

In July, all views on both consumers’ own economy and Finland’s economy were very pessimistic. Expectations concerning consumers’ own economy in 12 months were gloomiest in the entire measuring history from 1995 to 2022.

Inflation

In July, consumers’ estimates concerning inflation at the time of the survey rose to its highest in measuring history. By contrast, expectations concerning inflation in 12 months decreased slightly from the record figure in June.

In July, consumers estimated that consumer prices have risen by 7.1 per cent from the year before and would go up by 6.1 per cent over the next year. In all, 84 per cent of consumers thought prices had risen much or fairly much over the year, and 69 per cent expected prices to rise at least at the same rate over the coming months as well.

Financial situation, saving and raising a loan

In July, the time was considered very poor for raising a loan and unfavourable for saving as well. Only 19 per cent of consumers regarded the time good for taking out a loan and only 44 per cent thought the time was favourable for saving. However, intentions related to raising a loan was as high as the long-term average among consumers. In July, 16 per cent of consumers were planning to raise a loan within one year.

Consumers considered their own financial situation to still be good in July and expected their saving possibilities to be average in the coming months. In July, 60 per cent of consumers had been able to lay aside some money and 71 per cent believed they would be able to do so during the next 12 months.