Belizeans Tighten Spending as Consumer Confidence Slips

Tonight, we’re digging into what the latest consumer confidence numbers really mean for Belize’s economy, and for your wallet. The Statistical Institute of Belize reports that the index slipped to 45.7 percent in September, down from 46.8 percent in August. That may sound small, but it signals a return to the downward trend we saw earlier this year. So, why are Belizeans feeling less confident? The data shows households are pulling back on big purchases, cars, appliances, furniture, with Corozal leading the decline, dropping to just 38.1%. But young adults are bucking the trend, with confidence soaring to sixty and optimism about major purchases jumping by more than 64 percent. What’s driving this split? And what does it mean for businesses and policymakers as we head into the holiday season? We break down the numbers, the regional differences, and the warning signs that could shape Belize’s economic outlook. Here’s News Five’s Isani Cayetano.

 

Isani Cayetano, Reporting

Today, we’re diving into the pulse of the Belizean consumer, and the latest numbers show that confidence is slipping. According to the Statistical Institute of Belize, the Consumer Confidence Index for September came in at 45.7%, down from 46.8% in August. That’s a 2.2% dip, and it marks a return to the downward trend we saw earlier this year. So, what’s behind the numbers? The index measures how hopeful, or hesitant, people feel about the economy, their personal finances, and making big purchases. And right now, Belizeans are feeling more cautious across the board. The biggest red flag? Confidence in buying durable goods; things like appliances, vehicles, and furniture took a hit, dropping by 2.2%. That suggests households are tightening their belts. Regionally, Corozal saw the steepest decline.

Consumer sentiment there fell to 38.1%, driven by a massive 28.3% plunge in confidence around major purchases. But it’s not all gloomy, Stann Creek stood out with a 5.8% boost in overall confidence, thanks to brighter expectations for the future. Urban and rural Belizeans both reported lower confidence, though rural areas showed a slight uptick when it came to durable goods. And when we break it down by gender, both men and women are feeling less sure, but women, in particular, are more hesitant about spending on big-ticket items. Here’s the curveball, young adults aged eighteen to twenty-four are bucking the trend. Their confidence index jumped to sixty, a significant increase of 26.8%. Even more striking, their outlook on buying durable goods soared by over 64%. That’s a major shift in spending behavior among Belize’s youth. So, what does all this mean for the economy? Consumer confidence is a key signal of future spending, and with most groups showing signs of caution, businesses and policymakers may need to prepare for slower growth ahead. Isani Cayetano for News Five.