The 2022 Consumer Confidence Index (CCI) for Guyana has shown a significant improvement of +42.6% compared to the base year of 2021. This progress is noteworthy as the year 2022 saw a steady recovery from the COVID-19 pandemic, and Guyana was no exception.Consumer confidence in their current work situation improved by +71.6% in 2022. However, the next 12 months show a relatively smaller improvement of +8.7%. While the confidence of consumers in the country’s situation grew by +105.1%, the outlook for the next 12 months showed a decline of -22.7%. This suggests that consumers are becoming somewhat uncertain about the future state of the economy.
The data further reveals that consumers were willing to make significant purchases or investments in 2022, as evidenced by the 50.2% improvement registered.Taken together, these dimensions ultimately reflect a growth of 42.6% in consumer confidence in 2022 compared to the previous year.
The CCI is a measure of consumer perceptions of local market conditions as well as their work situation in the short and long term. The score is calculated based on the number of positive answers in relation to the total number of respondents, after which an average score is derived.
The data was collected from 1290 respondents (residents aged 18 and over) by local surveyors who personally interviewed the respondents in the last quarter of 2021 and third quarter of 2022. The sample population was distributed based on the most recent census (2012) available from the Bureau of Statistics Guyana.
The CCI is part of the annual consumers poll conducted by CoreStats in Suriname (started in 2019), Guyana (started in 2021), and Trinidad & Tobago (started in 2022). The polls map consumer preferences across various dimensions, and the basic results are made available to the public. Additional analysis can be provided on demand.
The results of the consumers poll of Guyana can be found at www.corestats.com/consumerspoll-guy
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