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 Elobservador.cr 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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