SIB Reports a Growing Willingness to Spend

Are Belizeans willing to spend more money? According to the Statistical Institute of Belize (SIB), the country saw an increase of 14% in consumer confidence for the month of October. The SIB reported that the Consumer Confidence Index (CCI) jumped from 38.9% in September to 44.3&.This shows that Belizeans grew confident about making major purchases and their financial outlook for the year ahead. The main driver behind the increase in the CCI was the “durable goods such as homes, cars, furniture, and appliances.” 

In terms of regional differences, urban areas saw a 6.6% increase in consumer confidence. Meanwhile, rural areas experienced a more significant boost of 19.8%. 

When broken down by gender, male consumer confidence increased by 11.8%, while female confidence grew by 15.9%. The SIB says that both genders became more optimistic about their financial situations and the economy over the next year.

Younger consumers, particularly those aged 18-24, reported the most significant improvement in confidence. Consumers aged 25-34 also showed a strong increase of 21.1%. These age groups transitioned from pessimism to optimism, driven by an improvement in sentiments regarding durable goods purchases. Older age groups, including those aged 45-54 and 55 and older, also reported notable increases in confidence.

Ethnic groups across the country reported improved consumer confidence, with the Maya seeing the largest rise of 30.6%. This was largely driven by a 93.8% increase in the durable goods component. Mestizo/Hispanic groups also saw significant improvements, with their CCI rising by 18.8%.