Are consumers more confident?

Confidence is a feeling or belief that one can have faith in or rely on someone or something. That confidence allows you to feel that you can trust that everything will be fine.

I am not sure if I am at that level of confidence when I go shopping, I still worry when I am waiting at the cashier to hear the total cost of my purchases. It seems as if every time I shop the prices seem to be higher than I anticipated.

That is not to say that some things have not been improved as the lower cost of oil has pushed gas prices down. Consumer confidence is an economic indicator that measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation.

According to media reports, the average level of confidence for both groups in 2015 represents the highest in 15 years.

Consumer Survey

A survey was recently conducted of business and consumer confidence. It was a collaboration of the Jamaica Conference Board, the research arm of the Jamaica Chamber of Commerce, and the Survey Research Center of the University of Michigan.

The survey revealed that consumer confidence rose during the quarter as they became more convinced that the economy and job prospects will begin to improve in 2015.

“Consumers are a little more upbeat. Nobody is saying the country is out of its serious challenge, it’s not that people are feeling that the economy is strong,” said managing director of Market Research Services, Don Anderson, who presented the findings of the surveys, who presented the findings of the surveys as published in The Gleaner January 23, 2016.

What could have accounted then for the confidence?

Well there has been increased interest in expansion and investment in the country. The stagnation of the Jamaican dollar has not been good for businesses, but most companies are happy with the governmental policies either already implemented or planned to be implemented in the near future.

Christmas time has always been notorious for being an optimistic time. People spend money and are usually appreciative of year end sales and customer appreciation deals.

Some business are still advertising sales and enjoying a surge in sales.

There had been some good moves last year but there is still room for improvement.

So what’s your take?

Are you a more confident consumer?

Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: consumer confidence