Consumer confidence in Jamaica has reached unprecedented levels, while business confidence remains steady, according to the latest Business and Consumer Confidence Survey. The survey, conducted by the Jamaica Chamber of Commerce (JCC), reveals a dynamic economic landscape marked by soaring consumer optimism and a business sector focused on internal improvements.
Consumer Confidence Hits Record High
The second quarter of 2025 witnessed a significant surge in consumer confidence, with the index reaching a record high of 186.35. This figure reflects a strong and sustained sense of optimism among Jamaican consumers. The data indicates a 1.4% increase in consumer confidence between April and June 2025, signaling a growing belief in the country’s economic prospects. This positive trend underscores the resilience of the Jamaican consumer, who appears increasingly confident about their financial futures.
Business Confidence Remains Stable
While consumer confidence is experiencing a period of robust growth, business confidence presents a more nuanced picture. Business confidence remained stable in the second quarter, registering a slight increase of 1.7% to 134.7 points. This figure, though indicating stability, remains below the 138.86 points recorded in the previous year. Business leaders attribute this stability to a focus on internal improvements, such as enhanced operational efficiency, rather than an overwhelmingly positive economic outlook. This approach suggests a strategic focus on weathering potential economic headwinds.
Economic Expectations: A Mixed Bag
The survey also examined business expectations regarding the overall economic performance over the next 12 months. The findings reveal a marginal improvement in these expectations, with the percentage of businesses anticipating improvements rising from 40% to 44.1%. This suggests a cautious optimism among business leaders, tempered by an awareness of the ongoing economic challenges. The relatively modest increase in expected improvements indicates that while businesses are not necessarily pessimistic, they are also not anticipating a rapid or dramatic upturn.
Small Businesses Show More Optimism
Interestingly, the survey data revealed a difference in outlook between small and large businesses. Small businesses demonstrated a more pronounced positive outlook, with 44% expecting improvements in the coming year. This is in contrast to the 41% of large firms that share the same positive sentiment. This difference may reflect greater agility and adaptability among smaller businesses, allowing them to respond more quickly to changes in the economic environment. It could also indicate a sector-specific dynamic, with small businesses in particular areas experiencing more favorable conditions.
Focus on Internal Improvements
Sudu Ramani, CEO of Hardware & Lumber Limited, offered insights into the strategies businesses are employing to navigate the current economic climate. Ramani highlighted the importance of proactive measures, such as strengthening debt management, streamlining procurement processes, and improving overall operational efficiency. This suggests that businesses are taking a proactive approach to mitigate risks and enhance their resilience, regardless of the broader economic outlook. This focus on internal improvements allows businesses to better prepare for potential challenges while positioning themselves for sustainable growth.
The findings of the JCC’s 2nd Quarter 2025 Business and Consumer Confidence Survey paint a compelling picture of the Jamaican economy. The record-high consumer confidence reflects a resilient and optimistic population, while the stable business confidence and emphasis on internal improvements showcase the adaptability of the business sector. As Jamaica navigates the economic landscape, the balance between consumer optimism and business pragmatism will likely shape the nation’s economic trajectory in the coming months.