Consumer confidence is beginning to grow as residents feel this year’s Budget is putting Bermuda on the right track.

The First Quarter 2013 Bermuda Omnibus Survey was released on Thursday showing 64 per cent of islanders approve of the Budget, which is up 27 points from 2012.

The survey was conducted between March 14 and 27 by Total Research Associates Limited and has a plus/minus error margin of 4.9 per cent. 

Graham Redford, President and CEO of TRA, said in a press release: “Residents are largely happy with the OBA Government’s first budget. Fewer than two in ten disapprove (14 per cent; down 32 points). Moreover, two-thirds (64 per cent; up 34 points) agree that the budget will help address the current economic situation on the Island.”

“The Bermuda Consumer Confidence Index (CCI), a proprietary composite measure of the public’s economic mood, introduced in 1998 by Total Research Associates, has also increased markedly this quarter. After matching an all-time low just three months ago, the index now stands at a five-year high.”

“Analysis of results reveals that consumer confidence has improved notably in several areas. 

Residents are now less likely to feel that the national economy is currently worse than it was one year ago (31 per cent; down 38 points from Q4). In addition, there has been a significant increase in those who feel the economy has improved (13 per cent; up seven points). Residents’ future outlook for the economy have also improved, as almost one-half feel the economy will be in better shape in 12 months (47 per cent; up 26 points).

“Consumers have also become less negative in their outlook regarding their own economic well-being. Only one-quarter of residents now feel their own finances have worsened, which represents a significant decrease over one quarter ago (25 per cent; down 17 points). Residents are also less likely to feel they will be worse off in one year’s time (nine per cent; down 10 points).” n