Consumer pessimism has reached a new low, according to Statistics Finland. Its consumer confidence index sank to -12.5 this month, down from -11.5 in March and -10.5 in February.
People's expectations for their own finances and the national economy a year from now are even dimmer than before, the official statistics bureau said on Monday.
Only 14 percent of those polled this month said that they expect Finland's economy to improve over the next year, while nearly half predicted a further decline.
Consumers' outlooks have been gradually declining since November, Statistics Finland's Chief Actuary, Pertti Kangassalo, said in a press statement.
"The chaotic world situation and its consequences, such as rising fuel prices, are inevitably reflected in a small country like Finland and in consumer sentiment. Economic confidence has literally collapsed across the EU and the eurozone," he said.
However, the consumer confidence index is still not as low as it was in late 2022, when it bottomed out at -18.5 after rising into positive territory the year before.
Few potential homebuyers
Rising prices may be one reason why 28 percent of consumers now say their own financial situation is worse than a year ago. Only 19 percent said they were better off than last spring. More than ever, 23 percent, also expressed the fear that their finances would deteriorate over the course of the next year.
The state statistics office surveyed just over 1,100 residents of Finland during the first three weeks of April.
According to Statistics Finland, the share of people who said they intend to buy a home has plunged to less than 10 percent, the lowest level since 1999.
Also on Monday, three economists told the daily Helsingin Sanomat that housing prices have been declining in Finland for the past four years, and that there's no reversal in sight.
