Are Belizeans Happy? 

Belize’s national Consumer Confidence Index (CCI) rose significantly in October 2024, climbing 13.9% to 44.3 from 38.9 in September, according to the Statistical Institute of Belize (SIB). The index, which measures consumer sentiment about the economy, household finances, and readiness for major purchases, reflected increased optimism, particularly regarding the purchase of durable goods. This sub-category surged by 53.9%, reaching 37.7 compared to 24.5 in September.

Expectations for future economic conditions also improved, rising by 7.9% to 55.5. However, sentiment about current financial conditions dipped slightly, with the sub-category dropping 2.7% to 39.6.

Confidence increased in both urban and rural areas, with rural consumers recording a larger gain of 19.8% compared to the 6.6% rise among urban residents. Rural confidence reached 45.7, driven by a 71.5% surge in optimism for durable goods purchases, while urban consumers saw a 36.4% boost in this category.

Gender-wise, confidence among females grew by 15.9% to 43.9, surpassing the 11.8% increase among males, whose confidence reached 44.7. Women reported stronger improvements in expectations for future conditions and current financial sentiment.

Across age groups, the most significant increases were observed among younger consumers aged 18-24 and 25-34, who shifted from pessimism to optimism, with their indices climbing to 56.1 and 53.1, respectively. Consumers aged 55 and older also saw gains, with their confidence index increasing to 41.1.

Ethnic groups all reported improved confidence levels, led by the Maya population, which experienced a 30.6% rise to 52.6. The Mestizo/Hispanic, Garifuna, and Creole groups also reported increases, with varying degrees of optimism.

The rise in consumer confidence signals a growing sense of economic stability, particularly regarding future financial prospects and the ability to make significant household purchases. However, the slight dip in current economic sentiment highlights lingering concerns about immediate financial conditions.