by Kristen Ku
BELIZE CITY, Wed. Mar. 27, 2024
The latest Consumer Confidence Index (CCI) figures, with the February 2024 report, indicates a steady improvement in consumer confidence over the past five months.
The CCI, a metric that evaluates the economic optimism of individuals by gauging their spending habits and savings, reached 43.3 in February 2024, almost the same as January’s 43.4 but showing significant growth from 34.3 in September 2023.
This index, derived from surveys, reflects public perception about their personal economic situation, the national economy, and major purchase intentions.
The slight decline observed in February’s CCI compared to the previous month is attributed to less optimism in the ‘Expectations’ sub-index, which considers the public’s outlook on their future financial situation and the general economy.
Regionally, consumer confidence showed a rise across the board, with urban areas seeing a notable increase from 44.2 in January 2024 to 44.9 in February 2024, suggesting a possible rising trend in the urban economy.
Rural areas experienced a decline in confidence from 35.1 to 29.3 over the same period due to growth in pessimism reflected under the ‘Durable goods’ sub-index.
The data further reveals gender-specific trends. Men reported a slight increase in confidence from 42.6 to 44.0 primarily due to improved confidence on durable goods purchases and economic conditions.
In contrast, women’s confidence in February stood at 42.6, indicating a drop compared to January’s 44.1 in 2024.
When looking at the breakdown by age groups, the highest consumer confidence was reported by individuals aged 25-34, with a CCI of 47.6, demonstrating less pessimism about the economy and a willingness to make major purchases.
The CCI among the persons aged over 55, on the other hand, was at 37.1.
Ethnicity also played a role in consumer sentiment. Creoles showed the highest confidence, with a significant increase of 5.2 percent from January, reaching a CCI of 44.1 in February.
Meanwhile, consumer confidence among the Garifuna and Maya ethnic groups saw the lowest confidence, decreasing by 19.2% and 14.5%, respectively, over the one-month period from January to February of this year.