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Published: 27 November 2020

Consumers’ expectations concerning the economy recovered somewhat in November

The consumer confidence indicator (CCI) stood at -4.8 in November, having been -6.9 in October and -5.9 in September. In last year’s November the CCI received the value -5.0. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,157 persons resident in Finland responded between 1 and 18 November.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, expectations concerning consumers’ own and Finland’s economy improved slightly in November from October. In contrast, views on consumers’ own economy at present weakened. In addition, consumers’ intentions to spend money on durable goods decreased slightly. Compared with the corresponding period last year, the components of the CCI turned slightly for the worse in November apart from expectations of Finland’s economy.

In November, consumers' views on Finland's economic development were, however, still gloomy. Estimates of consumers’ own economy at present were weak but expectations in the next few months were already on the long-term average level. Consumers still had slightly more intentions of spending money on durable goods in November than usual.

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers' expectations concerning the development of the general unemployment situation in Finland also improved clearly in November but were still on a gloomy level. This is also the case for estimates of the personal threat of unemployment or lay-off experienced by employed consumers, that is, wage and salary earners and self-employed persons at the time of the survey. Consumers' estimates of the growth rate of consumer prices in the coming months for a change fell slightly in November.

In November, consumers considered their own financial situation to be still excellent. The time was no longer considered very favourable for saving, and at the same time, the time of the survey was considered poor for buying durable goods and especially for taking out a loan. However, very many were still going to take out a loan in November. Consumers still had plenty of plans of buying a dwelling. In addition, many were considering renovating their dwelling and buying a car.

Consumer confidence by major region and population group

In November, consumers' confidence in the economy was strongest in Greater Helsinki (CCI -1.7) and elsewhere in Southern Finland (-1.6). Among population groups, upper-level salaried employees were most optimistic (2.3). Self-employed persons (-12.1) and pensioners (-11.7) had the most pessimistic expectations concerning economic development. The confidence indicator received the value -8.5 among unemployed persons in November.

Consumer confidence usually decreases with the person’s age, and correspondingly the confidence typically increases as income grows. Men are likely to have better confidence in the economy than women. More detailed information is available in the Database tables .

EU results

The (seasonally adjusted) survey results concerning economic expectations for all EU countries are released monthly on the European Commission website: Press releases .


The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator (CCI/A1) is the average of the balance figures for the CCI components. The components of the CCI are: consumer's own economy now (B1), consumer's own economy in 12 months (B2), Finland's economy in 12 months (B4) and consumer's spending money on major purchases in the next 12 months compared to the past 12 months (E1). The balance figures and the confidence indicator can range between -100 and +100 – the higher (positive) balance figure, the brighter the view on the economy.

Source: Consumer Confidence 2020, November. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276,

Head of Department in charge: Hannele Orjala

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Appendix tables


Updated 27.11.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. November 2020. Helsinki: Statistics Finland [referred: 8.12.2023].
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