Consumers: Who are the Most Optimistic?

Regarding what is expected economically for 2021, in Nicaragua, El Salvador, Panama and Honduras there is more optimism among consumers, while in Guatemala and Costa Rica the percentage of people who believe that the situation will improve this year is lower.

Wednesday, February 3, 2021

According to the survey conducted by Kantar to measure the perception of households in Central America, at regional level 12% of consumers consulted believe that the economic situation in their country will improve during 2021, 23% expect it to be the same and 65% predict that it will be worse.

Learn more about Central American consumer studies from CentralAmericaData.

Reviewing the details by country, the figures show that in Nicaragua 23% of households expect the situation to improve, in El Salvador, Honduras and Panama this proportion rises to 13% in all three cases, in Costa Rica to 8% and in Guatemala to 7%.

In Nicaragua, the percentage of consumers who believe that the situation will worsen this year is 45%, in Panama 59%, in El Salvador 61%, in Guatemala 71%, in Honduras 73% and in Costa Rica 77%.

These results are influenced by the economic crisis affecting all Central American countries, which were affected by the pandemic that generated the outbreak of covid-19 worldwide.

In the coming months, consumer perceptions could improve, as the vaccination process of the population has advanced in recent weeks.

Vivian Galvez Worldpanel Division of Kantar CAM, told that ".... 'there is already a vaccination program to combat this virus in Central America, countries such as Costa Rica and Panama are already applying the vaccine and others are waiting for the arrival or negotiation to acquire the vaccine, so it could be expected that, for the second half of the year, the country's economy will begin to reactivate in a more dynamic way."

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More on this topic

Panamanian Consumer: Confidence Improves at a Slow Pace

April 2021

During March 2021, the Panamanian Consumer Confidence Index increased 2% with respect to the level reported in January of this year, this slight increase is reported in the context of the economic reactivation process of local production.

According to the survey conducted by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), in strategic alliance with The Marketing Group, expectations on the probability of saving money decreased 3 percentage points, presenting a result of 75 points, below the equilibrium point, for the measurement of March 2021, so it remains at levels of marked distrust.

Business, Mistrust and Uncertainty

January 2021

Although the restrictions imposed by the pandemic have been relaxed, consumers continue to show signs of mistrust in the current situation, behavior that could put pressure downward on spending on products and services considered to be discretionary.

In 2020, when the effects of the pandemic that caused the spread of covid-19 began to become evident, it was anticipated that consumer habits would change, since in a complicated economic scenario full of uncertainty, people would be more careful when spending.

Pessimism among Consumers Increases

September 2020

Between February and August of this year, the proportion of consumers in Costa Rica who expressed pessimism regarding the country's economic future increased from 33% to 47%, a rise that can be explained by the crisis resulting from the outbreak of covid-19.

According to the Consumer Confidence Survey conducted during August 2020 by the School of Statistics of the University of Costa Rica, people in the country expect increases in the cost of their loans in the next 12 months.

Costa Rica: Consumer Confidence Falls

May 2020

Between February and May of this year the Consumer Confidence Index registered a 40% drop, which was caused by the health and economic crisis resulting from the covid-19 outbreak.

According to the Consumer Confidence survey conducted by the University of Costa Rica, between August and November 2019 the Consumer Confidence Index (CCI) rose from 28.5 to 32.3, however, by May of this year it had fallen to 19.7.

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