Consumers are feeling more confident
Consumer confidence has hit a seven-year high as hopes rise among the public that the worst is over for the Island’s economy.
Survey results revealed yesterday to business leaders as part of the inaugural Bermuda Business Confidence Report also showed that two-thirds of people believe the economy will get better over the next 12 months.
The surveys were conducted by Total Research Associates and partners Corporate Research Associates.
The Consumer Confidence Index reached 96.8 in December 2014, against the benchmark of 100 set in June 1998. The index has rebounded from the low 60s in December 2012.
The survey showed that only six per cent of respondents believe the economy would get worse over the next 12 months, compared to 66 per cent who think it will get better.
However, there is also evidence that households are still feeling the pinch of the Island’s lingering economic woes. Only 12 per cent felt that their household’s economic well-being was better than last year, while 25 per cent felt worse off and 61 per cent felt they were about the same. But 33 per cent believe they will be better off in 12 months and only five per cent worse off.
Although retail sales figures have shown significant increases in automobile purchases this year, the survey suggests that only 16 per cent of people feel conditions for making a major purchase are better than last year, while 29 per cent believe conditions are worse.
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