Consumer confidence sinks in March amid coronavirus crisis

Consumer confidence in Finland's economy sank again in March, amid the crisis caused by the coronavirus (koronavirus, in Finnish) epidemic.

According to Statistics Finland, the consumer confidence indicator (CCI) stood at -7.1 in March, having been -4.5 in February and -4.6 in January.

The is based on 1,053 responses. The majority of them were collected before 13 March, that is, prior to the Government’s restrictive measures related to the coronavirus pandemic.

Source: Statistics Finland.

It is striking that what has sunk is confidence in the economic capacity of the country, while many citizens continue to trust their own economy. In other words, citizens take it for granted that this crisis demand a heavy toll to the country economically, but they are confident in their own ability to resist the onslaught.

Statistics Finland will publish actual inquiry data on the economic effect of the pandemic during April.

Source: Statistics Finland.

No durable goods acquisition

In March, of the four components of the CCI, expectations concerning Finland's economy weakened clearly and intentions to acquire durable goods decreased compared with February.

In contrast, views on one’s own economy at present and in the near future improved somewhat. Compared with the corresponding period last year, the components of the CCI weakened apart from intentions to spend money that increased slightly in a year.

In March, consumers’ image of their own economy was altogether good, while their views concerning spending money were average and about economic development in Finland gloomy.

By region, consumer confidence in the economy was strongest in Greater Helsinki and weakest in Eastern Finland.

Among population groups, students and upper-level salaried employees were most optimistic. Unemployed persons and pensioners had clearly the gloomiest expectations.