Pessimism among Consumers Increases

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.

Wednesday, September 2, 2020

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.

Regarding consumers' income, only one out of three people surveyed said they believe their income will improve in the next few months.

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Johnny Madrigal, researcher in charge of the survey, told that "... There is an effect of the pandemic, but the pessimism was already brought by the Costa Ricans'. We cannot say that there is only one factor that is affecting confidence. It is an atypical situation. This has a very large impact (...) it increases anxiety, if taxes are increased and there are restrictions on travel, for example. All of that contributes (to pessimism)."

The article adds that "... The purchase of durable goods, such as vehicles and housing, deteriorated sharply in the last six months. 79% do not think the time is right for buying a house and 90% think the same about a car."

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More on this topic

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.

Consumers: Pessimism Continues in Costa Rica

February 2020

Although the Consumer Confidence Index reports increases in the last two quarters, the perception of the country's economy continues to be pessimistic.

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, and by February this year it had risen to 37.

Economic Challenges Ahead

February 2019

The pessimism expressed by consumers in Costa Rica and the constant deterioration of business expectations in Guatemala reflect part of the complex challenges faced by Central American economies this year.

A report prepared by the School of Statistics of the University of Costa Rica (UCR) shows the negative trend that come showing the economic expectations, because between February 2018 and the same month of 2019, the Consumer Confidence Index (ICC) fell 15%.

Downturn in Consumer Confidence

August 2018

The uncertainty about the future of the tax reform that is being discussed in the Assembly is the main reason behind the decline in consumer confidence in Costa Rica.

The Consumer Confidence Index (CCI) calculated by the University of Costa Rica (UCR) shows a reduction of close to 10 points between the months of June and August. 

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