Puerto Rico Chamber of Commerce Presents the 2024 Puerto Rican Business and Consumer Confidence Index Studies
Findings Reflect Economic and Demographic Trends Across Various Sectors, Facilitating Strategic Planning for 2025 Commercial Development
The Puerto Rico Chamber of Commerce has unveiled the 2024 Puerto Rican Business and Consumer Confidence Index Studies, highlighting findings that will serve as a guide for strategic planning and economic development in 2025. The event brought together business leaders, economic experts, and private sector representatives, reinforcing its significance as a space for collaboration and analysis. The studies were conducted in partnership with Estudios Técnicos, Inc. and NielsenIQ, companies renowned for their expertise in research and data analysis.
“This event underscores our commitment to innovation and business resilience. The data presented not only informs but inspires concrete actions to address the challenges of the coming year,” stated the organization’s president, Attorney Luis E. Pizarro Otero.
The 2024 Business Confidence Index was presented by José J. Villamil, founder of Estudios Técnicos, Inc., while Tatiana Irizarry Hilera of NielsenIQ led the analysis of the 2024 Consumer Confidence Index. Both studies provide key insights into economic perspectives, consumption trends, and future challenges.
One of the key findings is the significant increase in the Consumer Confidence Index compared to 2023, reflecting growing optimism among Puerto Rican families regarding their economic and employment outlook. However, concerns persist about the cost of living, particularly in food and utility expenses.
Although many Puerto Ricans believe the country remains in a recession, 70% of respondents think the economic situation will improve or remain stable over the next six months. This optimism is also evident in increased spending on food and the adoption of saving habits, such as reducing entertainment expenses and choosing more affordable brands.
On the business side, the study revealed that 58.6% of companies have regained pre-pandemic sales levels, although they still face significant challenges. The main concerns include tax burdens (46.1%), energy costs (41.4%), and the general economic situation (42.8%).
In terms of e-commerce, 57.2% of businesses surveyed offer their products or services online, a decline from 66.7% in 2022. This indicates a need for greater support and innovation in digital platforms.
The study also found that while 63.8% of business owners believe the economy is in a recession, there are positive expectations: 40.8% plan to increase their workforce in the next six months, and 49.3% anticipate an increase in profits.
Media Contact:
Karen Garnik, APR – 787-502-2424
karen@globalvisioncomms.com
Isadora Hernández – 787-310-3807
isadora@globalvisioncomms.com
