The Isle of Man Chamber of Commerce has revealed the results of its second ‘Business Barometer’ survey which provides data on a broad cross-section of the Island’s business sectors. The Chamber members who responded to the latest survey represented business services, finance, retail, construction, eBusiness, manufacturing, marketing, transport and tourism. The Business Barometer provides up to date information on the state of the Island’s economy, and statistics from the survey will be available for anyone to view on the Chamber website www.iomchamber.org.im.
It is based on a representative sample spread across all sectors of the Island’s economy and the data will also be included in the Government’s quarterly economic report. The Q2 survey included three questions about the impact of the TT on business. When asked if the TT has a positive economic benefit on the Isle of Man, 85.19% of respondents said ‘yes’ and 14.81% ‘no’. The vast majority of respondents (87.04%) said their business stayed open during TT fortnight, while 11.11% said that they closed during race week, and just 1.85% closed during practice and race weeks.
Chamber members were also asked how key business performance measures (eg sales/turnover/new business/deposits) faired during this year’s TT. Respondents were offered five options with more than 27% saying that performance measures were better or significantly better during TT fortnight. However, just over 24% said that that key indicators were worse or much worse. A total of 48.15% said that TT2014 had neither a positive or negative impact on business performance measures. Replies to this question were as follows:
• Significantly better (more than +10%) 11.11%
• Better (+1% to +10%) 16.67%
• The same 48.15%
• Worse (-1% to -10%) 5.56%
• Much worse (more than -10%) 18.52%
When asked about the prospects for their business in the next 12 months, there was a slight dip in the mood of optimism in Q2 when compared to replies to the same question in the Q1 survey published in May this year. The Q2 results were:
• Very optimistic 10.00%
• Optimistic 48.33%
• Neutral 33.33%
• Pessimistic 8.33%
• Very Pessimistic 0%
In the Q1 survey, 16.49% said they were ‘very optimistic’, 50.52% ‘optimistic’, and 8.25% ‘pessimistic’. None of the respondents were ‘very pessimistic’ and 24.74% were ‘neutral’. Jane Dellar, Chief Executive of the Isle of Man Chamber of Commerce, says that the Business Barometer ensures that the economic realities experienced by Chamber members are taken into consideration in the decision making process. Commenting on the Q2 results, she added:
“I think the most significant aspect of this quarter’s survey is that we have been able to capture the views of business of the impact of the TT. The overwhelming majority [85%] recognise the benefits of the TT, both economic and social, even if it adversely affects their own business.”
The full results of the survey can be viewed at http://www.iomchamber.org.im/public/latest-news/business-barometer-q2-survey-results.aspx.
For more information about Isle of Man Chamber of Commerce please go to the website or call 674941.
Photo - A chart showing responses to a question in the Q2 Business Barometer survey in which respondents were asked about the prospects for their business over the next 12 months.
