Posted: Thursday, October 31, 2024. 1:48 pm CST.
By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) shows that Consumer Confidence Index (CCI) fell to 38.9 in September 2024, marking a significant decrease of 10.9% from 43.6 in August.
This decline represents the second consecutive month of decreasing confidence, following a period of improvement.
The CCI, which measures consumer sentiment regarding the economy and household financial situations, indicates that overall consumer optimism is waning.
The drop in September was primarily driven by sharp declines in the ‘Durable Goods’ and ‘Expectations’ components.
Sentiment regarding durable goods fell by 34.5%, falling from 37.4 in August to 24.5 in September.
This suggests a growing pessimism about making major purchases like homes and cars.
The ‘Expectations’ component also decreased by 3.1%, from 53.1 to 51.4, reflecting concerns about future financial situations and overall economic conditions.
In contrast, the ‘Present’ sub-index saw a slight increase of 0.7%, rising from 40.5 to 40.7. This indicates a marginally improved perception of current financial situations compared to the previous year.
The CCI serves as a vital indicator of future household spending and economic growth, and the latest figures suggest a cautious outlook among consumers in Belize.
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The post Belizean consumers being ‘cautious’ about spending! appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Thursday, October 31, 2024. 1:48 pm CST. By Zoila Palma Gonzalez: Data from the Statistical Institute of Belize (SIB) shows that Consumer Confidence Index (CCI)
The post Belizean consumers being ‘cautious’ about spending! appeared first on Belize News and Opinion on www.breakingbelizenews.com.
