MEDIA RELEASE: January 2023
A growing majority of residents have been going without and buying less as a result of recent inflation and rising prices.
BERMUDA: Given rising prices and inflation, we asked Bermuda residents if any of their purchase behaviours had changed in the past three months. Seven in ten residents report going without/buying less (71%), up 15 percentage points since last asked in June. Other changes to purchasing behaviours include buying local when possible, mentioned by one-third of residents (32%; down nine points), three in ten who report growing their own food (28%; up 8 points) and two in ten cite buying in bulk (22%; down 6 points) and buying second hand/trading with others (22%; up 4 points). Buying local and buying in bulk are the only behaviours that are down from when asked previously. It can be inferred that spending is down overall, therefore residents may be trying to save money by avoiding purchases more generally. Finally, one in ten residents have not made any changes to their purchase behaviours in the last three months (9%; down 2 points).
Across demographics, women, those under the age of 35, those with household incomes under 75K, and Bermudians are more likely to have started growing their own food. Additionally, women, those with a household income of 150K or less, Bermudians and white residents are now more likely to buy second-hand/trade with others compared to their respective counterparts. Bermudians are also more likely to be buying less, shopping local and buying bulk compared to non-Bermudians. Across parishes, those in Sandy/Southampton more commonly indicate growing their own food, while those in
Pembroke/Devonshire are more likely to report buying local when possible.
These results reflect opinions of 219 adult Bermuda residents (18 years or age or older), conducted from November 21st to December 6th, 2022. The questions are not commissioned by a third party and were collected independently by Narrative Research Bermuda. The results were collected from Narrative Research Bermuda’s proprietary online panel of adult residents, Bermuda Voice. Per industry standards, a margin of error cannot be ascribed to online survey results.
For more information, please contact:
Graham Redford, Managing Partner, Narrative Research Bermuda, 278-8882 or graham@narrativeresearch.bm
Margaret Chapman, COO and Partner, Narrative Research, (902) 492-3834 or
mchapman@narrativeresearch.bm