Consumer confidence up, but business confidence fell in the last quarter of 2023
There was significant improvement in consumer confidence in the last quarter of 2023, however, there was a slight fall off in business confidence for the same period.
Pollster Don Anderson made the revelation, while presenting the 4th Quarter Business and Consumer Confidence Indices at a webinar, on Monday morning.
He noted that consumer confidence went up by 8.5% at the end of 2023, based on findings from the latest surveys, which saw more than 600 residents being polled.
Mr. Anderson, however, noted that the figure recorded is still well below the peak of 183.4 points recorded in 2019.
He noted the improvement in consumer confidence was driven by a positive view of current and future business conditions, along with positive perceptions of current and future job availability.
Meanwhile, Mr. Anderson explained that business confidence fell, surprisingly, by almost 4%.
He said the fall in business confidence was due to the more than 100 businesses surveyed indicating less of a willingness to invest and expand, a drop in confidence in business finances and lowered expectations for improved profits.