Survey: Bermuda Consumer Confidence Index
According to a recent survey from Narrative Research Bermuda, “the Bermuda Consumer Confidence Index has steadily recovered since its most recent low in Q4 2023 [69.4], up to 76.3, consistent with this time last year.”
A spokesperson said, “Bermuda residents have been struggling with rising prices and inflation for over two years, though inflation has been slowly declining since a high of over 5% in September 2022. The Bermuda Consumer Confidence Index has steadily recovered since its most recent low in Q4 2023 [69.4], up to 76.3, consistent with this time last year.
“More than 25 years ago Narrative Research began tracking consumer confidence using our proprietary Bermuda Omnibus Survey. The Bermuda Omnibus Survey is a quarterly, non-partisan, survey conducted by telephone that gives insight into political, economic, social trends, and much more. Telephone interviewing is supervised and meets the highest quality standards established for the market research industry. The next iteration of the survey will be in field starting approximately August 28th and will continue for about two weeks. We often get asked how do we get residents numbers. All telephone calling is conducted using a system of random-digit dialing of possible phone numbers in Bermuda and we do not keep a database of known numbers.
“The Consumer Confidence Index was established in 1998 and measures attitudes with regards to the perceived state of Bermuda’s economy, residents’ own household economic situations, and conditions for major purchases. The index takes into account conditions at the present time as well as future outlooks. When first established, the index was set at a benchmark of 100 and all subsequent reports have been measured relative to that first measure. The index has proven to be sensitive to national and international events and more generally the economic situation of the Island.
“Across demographics, consumer confidence levels differ. Residents 18-34 years and 35-54 years have greater confidence than older residents [18-34 years: 79.6; 35-54 years: 80.3; 55+ years: 70.7]. Non-Bermudians’ confidence levels have increased substantially over the past year, while those of Bermudians are consistent [Non-Bermudians: 83.4; up 16.7 points; Bermudians: 75.1; up 0.1 points]. In addition, those with lower-household incomes report the lowest confidence score since tracking began, while those with mid-to-higher-household incomes indicate greater confidence [L.T. $75k: 64.6; down 8.2 points; $75k - $150k: 79.7; up 5.3 points; $150k+: 87.0; up 10.5 points]. Finally, residents in Pembroke/Devonshire currently have the highest confidence level, across parishes [Pembroke/Devonshire: 81.9; up 7.1 points; Sandys/Southampton: 75.3; up 4.5 points; Warwick/Paget: 74.5; up 1.5 points; Hamilton/Smiths/St. George’s: 74.4; down 2.7 points].
“These results are part of Narrative Research Bermuda’s Bermuda Omnibus® Survey conducted with a random sample of 400 adult residents of Bermuda. The results above are not commissioned by a third party, and were collected independently by Narrative Research Bermuda. A sample size of 400 is a well-recognised market research industry standard and provides a representative sampling of Islanders. The survey was conducted by phone between May 30th and June 12th, 2024. A sample size of 400 surveys collected by telephone allows for a statistical margin of error to within ± 4.9 percentage points, 95 out of 100 times.”
Graphic via Narrative Research Bermuda:
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