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Published: 28 September 2020

Consumers’ estimates of unemployment development gloomier – more than ever intentions of buying a dwelling and taking out a loan

The consumer confidence indicator (CCI) stood at -5.9 in September, having been -5.1 in August and -1.6 in July. Last year in September, the CCI received the value -4.2. The long-term average for the CCI is -1.8. The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,112 persons resident in Finland responded between 1 and 20 September.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the CCI, only the views concerning consumers’ own economy at present improved in September from August. The other components weakened slightly. Compared to the corresponding period of last year, only expectations concerning Finland's economy improved slightly in September while other CCI components changed for the worse in a year.

In September, consumers' views on Finland's economic development were still gloomy. Expectations concerning one’s own economy in the near future were subdued but estimates of its present state more or less corresponded with the long-term average views. Consumers had slightly more intentions of spending money on durable goods in September 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 dropped to an even gloomier level in September. There was also more personal threat of unemployment experienced by employed consumers, that is, wage and salary earners and self-employed persons. Consumers’ estimates of the growth rate of consumer prices fell clearly in September.

In September, consumers considered their own financial situation to be still excellent. The time was again regarded as somewhat favourable for saving but poor for buying durable goods and especially for raising a loan. However, record many were going to take out a loan in September. Consumers also had more plans of buying a dwelling than ever. In addition, many were considering renovating their dwelling and buying a car.

Consumer confidence by major region and population group

In September, consumer confidence in the economy was strongest in Greater Helsinki (CCI -1.2) and weakest in Eastern Finland (-10.4). Among population groups, lower-level salaried employees were most optimistic (0.8). Unemployed persons (-14.7) and pensioners (-12.2) had the most pessimistic expectations concerning economic development. The confidence indicator received the value -7.0 among self-employed persons in September.

Consumer confidence in the economy 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, September. Statistics Finland

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

Head of Department in charge: Hannele Orjala

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Updated 28.9.2020

Referencing instructions:

Official Statistics of Finland (OSF): Consumer Confidence [e-publication].
ISSN=2669-8889. September 2020. Helsinki: Statistics Finland [referred: 1.6.2023].
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