MEDIA RELEASE: February 2023
To cope with the high cost of living, Bermuda residents continue to try to save money through a variety of means.
BERMUDA: Given inflation and the high cost of living, Bermuda residents are clearly scaling back their spending. When asked what sort of changes they have undertaken or are considering going forward seven in ten residents indicate they have already, or will cut back on eating out. Four in ten respondents each report they are cancelling or postponing a vacation and postponing the purchase of a car or large ticket item. Nearly two in ten residents suggest they may consider switching health insurance providers or scaling back health insurance, and fifteen percent of respondents have begun paying for items on credit instead of cash or debit.
Across demographics, and as may be expected, those with higher household incomes are less likely to be making changes to their spending to save money compared to those with lower household incomes. In addition, black residents are more commonly postponing the purchase of a large ticket item compared to white residents.
These results reflect opinions of 403 adult Bermuda residents (18 years or age or older), conducted by phone between January 17th to January 29th, 2023. The questions are not commissioned by a third party and were collected independently by Narrative Research Bermuda. A sample size of 400 is a well-recognised market research industry standard and provides a representative sampling of Islanders. A sample size of 400 surveys collected by telephone allows for a statistical margin of error to within ± 4.9 percentage points, 95 out of 100 times.
For more information, please contact:
Graham Redford, Managing Partner, Narrative Research Bermuda278 8882 or email@example.com