Consumer confidence is rising markedly across the Nordic region. We see the biggest change in Finland, which jumps by as much as 11 points, followed by Norway and Sweden with respectively. 8 and 4 points. Denmark maintains the level from the last quarter, which was also historically high on this side of the financial crisis in 2008 – and at the same time the highest level in Europe with 115 points. Nielsen’s Consumer Confidence Index (CCI) Q3 2017 shows that Sweden, Norway and Finland are now at 98, 90 and 81 points respectively.
CCI is built around consumers’ views on three factors:
- Views on the job market
- View of their personal financial situation
- See if it is a good time to make investments / buy things they are missing
Compared with previous surveys, Norwegians have become more positive in all three areas. The job market seems brighter over the next 12 months for several of us. Compared to a year ago, 43% think the outlook is good or very good, a jump of 14 points from Q3 2016.
Personal financial situation has also improved from last year, although not as clearly as the labor market. 9% of all Norwegians see their personal financial situation as very good, an increase of 50% from last year.
The total proportion who think the time is good or very good for making investments is constant from last year, but the composition is different. Where a year ago only 6% thought the time was right, it is now 10%. The extent to which this will affect the Christmas trade ahead of us is uncertain, but based on the increased CCI, it is natural to assume that the level of consumption will not be lower than last year.
Common to the Nordic countries is that we agree that the respective countries are not in an economic recession: In Denmark, Sweden and Norway, respectively. 68%, 69% and 71% no to the country being in economic downturns. Finland stands out by being divided half-and-half in its assessment of yes or no to the question of economic recession. On average for Europe, almost 6 out of 10 respond that the country has been hit by a recession. The Nordic level is thus well above the European average.
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