Consumer Confidence Decreased in August

The Statistical institute of Belize held its third press conference for 2024. Among the first topics that S.I.B. reported on was the Consumer Confidence Index. This study measures consumer sentiments that indicate how households are likely to behave with respect to consumption and saving. Through questionnaires, S.I.B. gathers data on how consumers feel about their households’ present and expected financial situation. They also gather information on how consumers feel about the present and expected future general economic condition. The index also looks at how consumers feel about making major purchases of durable goods, such as furniture, appliances, cars and a home. According to S.I.B. findings, the index was trending upwards between May and July, but saw a decrease in August.

 

Jaqueline Sabal, Acting Manager, Economic Statistics Department

“Now what caused this increase in pessimism among consumers? If we break down the CCI by components not that the drop in durable goods from thirty-nine point eight to thirty-seven point four represents a six-point two percent decrease. That was a main contributor to the overall decline in August. Again, over just the one-month period from July to August. This was followed closely by a five-point four percent drop in the expectation index from fifty-six point one to fifty-three point one, so the main two reasons for the overall decline were expectations and durable goods. Sentiment among urban consumers decreased by one point six percent by forty-one percent to forty-one point one, while sentiments among rural consumers decreased more sharply by five-point four percent from forty-right point three to forty-five point seven.”