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locAl Wednesday 13 May 2020
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From COVID-19 to increased use of digital payments:

Consumer confidence slips further at end of the first quarter of 2020

ORANJESTAD — Amidst the unfolding COVID-19
pandemic and the tourism fallout, the consum-
er confidence index contracts to 91.7, down
2.2 index points, at the end of the first quarter of
2020. Digital payments surge as consumers shift
to online and mobile payments.

The Central Bank of Aruba (CBA) recently con-
cluded its Consumer Confidence survey for the
first quarter of 2020. In its new digital design, the
online survey also assessed the impact of the
COVID-19 pandemic on the sentiments of con-
sumers.
The first quarter results indicate that the main
concerns of consumers were the economic
conditions (91%) and the financial position of
the government (81%), followed by job insecu-
rity (80%), and the household’s financial situa-
tion (66%). Almost two-thirds of respondents dents felt that the COVID-19 crisis has a sig-
(59%) indicated that they are worried about nificant impact on their household’s financial
their health. position, while more than half of respondents About the Centrale Bank van Aruba
At the end of the first quarter of 2020, the pres- reported that they expect to have trouble in The main purpose of the Centrale Bank van
ent situation index measured 90.7, while the meeting basic needs in 6 months. Almost two- Aruba (CBA) is to contribute to the financial sta-
future expectation index came out at 92.3, thirds of the respondents also indicated that the bility and economic well-being of the Aruban
suggesting significant negative consumer senti- COVID-19 pandemic is a threat to their person- community. The CBA accomplishes this mission
ments. Close to 75% of indicate that taking out al health. by implementing an effective monetary policy
a personal loan or mortgage is not suitable right In terms of payments and consumer banking aimed towards maintaining the value of the flo-
now, while only 10% would consider purchas- channels, at least 75% of respondents reported rin, by promoting the soundness and integrity of
ing a household appliance. Consequently, the that they are paying online, with an estimat- the financial system, and by providing an effi-
consumer purchasing habit index stood at 91.6. ed 52% using their mobile banking app during cient and reliable payments system.
Overall, the consumer confidence index con- the first quarter of 2020. Noticeable is that al- Besides these core tasks, the CBA is also the sole
tracted to 91.7, its lowest point since 2011. most 40% indicate that they never visit a bank issuer of florin banknotes and florin coins, and
Three additional questions assessed the impact branch. The results show a clear shift in digital acts as banker to the Government of Aruba. In
of the COVID-19 situation on, respectively, per- payment preferences by consumers. The com- addition, it regulates the flow of international
sonal health, household’s financial situation, plete report of the Consumer Confidence payments, manages the available foreign ex-
and the challenge in meeting basic needs. The survey is available on the website of the CBA change reserves of Aruba, and supervises the
findings indicate that over 60% of the respon- (https://www.cbaruba.org/). spending thereof.q

Your favorite hotel staff

ORANJESTAD — We are far away from each
other but still connected! We know many of
you as our loyal readers and friends and we
know you just love Aruba's hospitality. The
most striking is that all of you mention the
great service and the bond with the waiter,
the receptionist or other staff in the hotel
and restaurants.

We welcome you to send us a picture of
that favorite waiter or housekeeper or other
hotel staff together with a personal mes-
sage for them to publish this in our newspa- job or do not know when they will restart their Send your text and picture to: news@arubato-
per. We will also do our utmost to find this work. They without doubt miss you and the dai- day.com. You may also send us a PM on Face-
person and make sure she or he will get ly interaction and that is why we would like to book but pictures are best by email.q
this message. Many of them have lost their reach out and make a connection.