8 months ago
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The consumer and business confidence indices for the first quarter of 2024 were flat relative to the previous quarter, weighed down by concerns about crime and spending power.
Consumer confidence stayed level at 174.7 points, while business confidence increased slightly by 0.7 points to 139.7 points.
“Crime is still the most critical issue that people feel needs to be addressed immediately,” said pollster Don Anderson during the release of the indices by the Jamaica Chamber of Commerce on Tuesday.
Anderson, whose firm, Marketing Research Services, conducts the surveys on behalf of the chamber, explained that nearly three of out of every four consumers cited crime and unemployment as the most critical problems facing Jamaica at this time. The surveys had 632 consumer and 106 business respondents.
Most consumers think that the solutions to crime include better-paid jobs, more development programmes, and less corruption, he noted. Businesses, on the other hand, see policing and more stringent penalties for criminals as the solutions.
The UN Global Study on Homicide 2023 ranked Jamaica as the most violent country in the Caribbean and Latin America, with 53 murders per 100,000 people. Young males are responsible for 91 per cent of murders, or a larger proportion of murders than globally at 81 per cent, due to organised gangs, the report indicated.
Despite these challenges, consumers and businesses express optimism about the future. For instance, expected economic conditions continued its upward trend from 158.1 points to 161.3 points.
“Consumers’ are more optimistic this quarter with regard to their expectations for future business and jobs, but not their personal income,” said Anderson.
As for businesses, a smaller number felt that conditions will worsen in 12 months, at 19 per cent of respondents in the first quarter 2024, compared to 22 per cent in December.
The top five reasons cited by businesses for expectations of a worsening economy in the next year are high crime, lack of improvement plans, a worsening economy, high prices and unstable foreign exchange.
At Tuesday’s release of the confidence data, Jamaica Chamber of Commerce President Philip Ramson, who is also the managing director of Chas E. Ramson Limited, made reference to the continuing worker attrition within the manufacturing and distribution sectors.
“I have noticed a lot of movement among people; not just upward movement, but also lateral movement, jumping from one to another hoping to find upward mobility,” Ramson commented during the panel discussion that’s usually held alongside the release of the indices.
“Obviously, they feel that the standard of living has increased” and they are searching for “ways to increase their income,” he said.
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