Consumers express lack of confidence in economy and cost of living
A vast majority of consumers continue to express a lack of confidence in the direction of the economy and the cost of living.
That’s according to findings of the Jamaica Chamber of Commerce’s business and consumer confidence survey, for the second quarter of 2022.
Speaking at a press briefing today, manager of Market Research Services Limited and pollster Don Anderson noted that 45 percent of consumers believe that the economy will not improve in the next 12 months.
He said some of the major factors driving this pessimism are: the high crime rate, lack of employment, high prices and the lack of measures to change the situation.
He said the survey revealed that 89 percent of all consumers noted that they are experiencing massive increases in the prices of goods and services.
In the meantime, he said consumer and business confidence fell in the April to June quarter.
Business confidence declined by 7.6 percent in the 2nd quarter, recording a level of 121.1 points compared to 131.8 points in the previous quarter.
Over the same period, the consumer confidence index fell to 156 points compared to 157 points at the end of the first quarter.
This he said was also due to high prices, the high crime rate and the Russia/Ukraine war.