PRESS RELEASE: MIIC Celebrates Surge in Consumer Confidence, Confirms the Government’s Commitment to good Management of the Jamaican Economy

The latest Jamaica Business and Consumer Confidence Survey shows that the Consumer Confidence Index has surged to a remarkable 174.7 points in the fourth quarter of 2023, marking an impressive 8.5% growth from the previous quarter. This positive development underscores the inherent resilience of Jamaican consumers and their firm positive expectation to return to pre-pandemic economic conditions.

The Ministry of Industry, Investment & Commerce welcomes this surge in consumer confidence which is a clear testimony of the solid and consistent management of the Jamaican economy that the Andrew Holness Administration has practiced.

Senator the Hon. Aubyn Hill expressed enthusiasm for the positive trajectory of consumer confidence. Minister Hill stated, “The surge in consumer confidence is a clear signal that our economic recovery is gaining momentum. It reflects the resilience of the Jamaican people and their confidence in the government’s initiatives to create prosperity for everyone. Jamaica’s historically low unemployment figure of 4.5% is a vital factor in enhancing consumer confidence. As employment rates rise, so generally does the purchasing power of individuals which builds confidence.

The Ministry through the Consumer Affairs Commission (CAC) has been increasing consumer awareness with educational campaigns. Mrs. Dolsie Allen, CEO of CAC stated that an informed consumer can make better choices, and this will affect how they spend. The CAC has recovered over JA$ 31,000,000.00 in refunds and compensation in preliminary findings from last year. This reclaimed fund, enhances customers spending power, allowing them to make more confident and informed purchasing decisions.

The Ministry supports the government’s agenda on elevating productivity in 2024 to boost economic growth, and all Jamaicans are urged to actively participate in this national endeavour by significantly enhancing their productivity levels. Minister Hill emphasized that elevated productivity would drive economic growth which will increase the country’s per Capita GDP.

The Ministry of Industry, Investment and Commerce is dedicated to implementing strategic measures to facilitate business growth, increase exports exponentially, attract investments, and nurture a conducive environment for entrepreneurship.

The Ministry of Industry, Investment & Commerce remains committed to promoting consumer confidence, consumer protection, economic growth, foster productivity, and a peaceful and prosperous Jamaica.

Source: MIIC