The 2023 Consumer Confidence Indicator (CCI) for Trinidad and Tobago increased slightly by +0.6% compared to base year of 2022. It’s noteworthy that while the overall indicator remained stable within its subcomponents there were significant shifts.
Consumer confidence in their current work situation improved by 12.7% in 2023, with the 12-month outlook also showing a 19.5% growth. However, these gains are tempered by the country’s situation, which saw a decline of 10.7% in current perceptions and a decline of 16.2% for the outlook after 12 months. This suggests that people are pessimistic about the country’s short-term and long-term economic prospects. Additionally, there was a slight decrease of 2.5% in consumers’ willingness to make significant purchases or investments in 2023 compared to 2022.
Overall, a slight improvement of 0.6% in consumer confidence was registered in 2023 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 1100 respondents (residents aged 18 and over) by local surveyors who personally interviewed the respondents in the second quarter of 2022 and third quarter of 2023. The sample population distribution was based on the most recent census (2012) available from Central Statistical Office of Trinidad & Tobago and covers all regions of the country.
The CCI is part of the annual consumers poll conducted by CoreStats in Suriname (since 2019), Guyana (since 2021), and Trinidad & Tobago (since 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 Trinidad & Tobago can be found at www.corestats.com/consumerspoll-tt
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