ANDERSON… people are trying to get into things so that they can earn some money, so they are having two or three jobs, and that is what is feeding this entrepreneurial drive.
THE latest Jamaica Chamber of Commerce (JCC) Business and Consumer Indices Survey shows that more Jamaicans are turning to entrepreneurship to secure their financial future.
Consumer confidence climbed by five per cent in the first quarter of 2025, moving from 175 to 183 points, the highest level recorded since the survey began.
Unlike previous periods of optimism, however, this uptick isn’t being fuelled by job creation in the formal economy, but by a growing belief that individuals can create their own income through business ownership.
“People aren’t necessarily relying upon the State or businesses to create jobs,” said Don Anderson, executive chairman of Market Research Services Limited, which conducted the survey. “People are now going out and identifying businesses they can go into, and therefore, there is a notable increase in the incidence of entrepreneurship, which is feeding into this confidence.”
The data indicate that Jamaicans are increasingly turning to entrepreneurship, forging independent income streams through business ownership and side ventures. This became clearer when respondents were asked about expected changes in household income. Many anticipated earning more in the near future. However, when probed further about job growth expectations, confidence remained relatively low, with most expressing doubt that traditional employment opportunities would increase any time soon.
This disconnect between income expectations and job market outlook became more apparent in consumers’ purchasing plans. The number of Jamaicans intending to purchase a home or vehicle rose slightly from 31.3 per cent in Q4 2024 to 32.4 per cent in Q1 2025, despite concerns about job creation. The trend began to make more sense when considered alongside growing optimism in business conditions. Twenty point five per cent of consumers described current business conditions as “good”, up from 17.9 per cent in the previous quarter, while expectations for future conditions also improved, increasing from 33.3 per cent to 39.2 per cent.
“There are people saying, ‘What’s driving this?’ People are trying to get into things so that they can earn some money, so they are having two or three jobs, and that is what is feeding this entrepreneurial drive,” Anderson noted.
The shift in confidence was further highlighted when interviewees were asked why they believed the economy would improve in the next 12 months. Although the increase from 31.3 per cent in the fourth quarter to 32.4 per cent was marginal, the reasons behind this belief varied. Many of those surveyed attributed their optimism to entrepreneurship and the creation of new businesses as key factors driving their confidence in the economy’s future.
While the business community continues to voice concern over the lack of skilled labour, the survey suggests that consumers are increasingly filling the gap themselves, launching side businesses, freelancing, and creating new types of self-employment. Anderson pointed to the growing presence of non-traditional income streams, which many households now rely on in combination with or in place of a primary job.
“People are trying to get into things that they can earn some money from, so they are having two or three jobs, and that is what is feeding this entrepreneurial drive.” Anderson noted.
