The Georgetown Chamber of Commerce and Industry (GCCI) attended the launch of Guyana’s first Consumer Confidence Indicator (CCI) on February 13, 2023, at the Pegasus Hotel. The event was organized by CoreStats in partnership with the Together We Win Business Network.

Annually, the team conducts a consumer survey in Guyana to better understand consumer behavior. Governments, organizations, and aspiring entrepreneurs can use the collected data to refine their consumer strategies with informed decisions. Moreover, it provides valuable information for optimizing marketing campaigns and maximizing ROI

The poll consists of two parts:

1. General marketing info: consumer preference on 10+ focus areas including preferred social media, TV and radio stations.

2. Consumer Confidence Indicator (CCI): What is the consumer’s view of the local economy and their work situation, both in the short and long term

The 2022 CCI for Guyana has shown a significant improvement of +42.6% compared to the base year of 2021. This progress is noteworthy as the year 2022 saw a steady recovery from the COVID-19 pandemic, and Guyana was no exception.

Consumer confidence in their current work situation improved by +71.6% in 2022. However, the next 12 months showed a relatively small improvement of +8.7%. While the confidence of consumers in the country’s situation grew by +105.1%, the outlook for the next 12 months showed a decline of -22.7%.

This suggests that consumers are becoming somewhat uncertain about the future state of the economy.

The data further reveals that consumers were willing to make significant purchases or investments in 2022, as evidenced by the 50.2% improvement registered.

Taken together, these dimensions ultimately reflect a growth of 42.6% in consumer confidence in 2022 compared to the previous year. The ultimate aim of CoreStats is to provide marketing data to society, policymakers, and entrepreneurs, including foreign investors, to stimulate development in the Caribbean.

The results of the consumer poll of Guyana can be found at www.corestats.biz/consumerspoll-guy