Puerto Rico Chamber of Commerce to Reveal State of Consumer and Business Confidence in Current Economic Outlook

San Juan, PR-The Puerto Rico Chamber of Commerce (PRCC) revealed this week the state of the confidence levels of Puerto Rican entrepreneurs and consumers, given the economic outlook facing the island, as reflected by the most recent economic studies carried out for the business institution. The data aims to provide a glimpse into economic and demographic trends across sectors to make it easier for retailers to plan and develop strategies for 2024.

The studies were presented to the business community last Thursday, November 16, 2023, at La Concha Resort in San Juan.

“Business and consumer confidence indices have become benchmarks for the strategic business planning process. These tools constitute highly reliable information for the private sector, the government sector and the general public, which allows us to interpret the industrial, commercial and consumer sentiment in the face of economic projections,” said Lcdo. Ramon Perez Blanco, CPCU, president of the Puerto Rico Chamber of Commerce and president of Fulcro Insurance, Inc.

The most recent edition of the Puerto Rican Entrepreneur Confidence Index study covered aspects such as the main aspects that affect the operation of businesses, as well as the outlook on investment, inflation and the economy of Puerto Rico. In the same way, the state of the economic indicators, the investment of federal reconstruction funds and the projections for economic growth for 2025 and 2025 were presented. The study was conducted, as in previous years, by the economic research firm Technical Studies, Inc. Its results will be presented by José J. Villamil, chairman of the company’s board of directors and former president of the PRCC.

Likewise, the results of the Puerto Rican Consumer Confidence Index study, conducted by the company NielsenIQ, by Tatiana Irizarry Hilera, commercial director of the company in Puerto Rico, were disclosed. The study looked at the main concerns, economic expectations and shopping habits of local consumers.

According to Pérez Blanco, consumer confidence indices are indicators that are consistently used in various jurisdictions around the world for economic planning purposes. “This is a vital study to measure the degree of optimism or pessimism among Puerto Rican consumers. The Consumer Confidence Index allows us to visualize changes in the population’s consumption and saving habits and project them into the future, to anticipate opportunities and threats in the economic scenario,” he said.

After the presentation of the results of both studies, a reaction panel composed of executives and entrepreneurs from the private sector offered their impressions of them.

As part of the agenda of the presentation of the trust studies, a group of key executives from local companies presented their perspectives on the state of play of their respective industries. Representing the health sector was Marileny Lugo, president of MC-Rx. Also offering presentations will be businessman Andres Ramírez de Arellano, president and CEO of Telecinco Inc. / ABC Puerto Rico, representing the communications and media sector; and Antonio Ortiz Martí, co-founder and CEO of Connect Road Assist, in the roadside assistance service sector.

Media Contact:
Karen Garnik, APR
E: karen.garnik@gmail.com

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