Confidence in the short-term economic prospects of the Isle of Man has fallen according to a survey by Island Analysis.
Results from the September edition of the Omnibus Survey showed that while half of respondents had the same level of confidence as last year, the number with less or much less confidence was much higher than those whose confidence had grown.
Island Analysis conducts the Omnibus Survey every month, receiving the views of more than 500 Isle of Man residents on important topics. The sample group covers a broad age profile, from 16 to over 70, with respondents from across the Island, and a range of household sizes, from single occupancy to homes of seven or more, and employment types.
The survey gives public and private sector organisations insight into changing public attitudes and issues of concern through both snapshot analysis and longer-term comparative data. Island Analysis clients can have their own questions included in the Omnibus Survey for as little as ?200 per question, making it a cost-effective method of measuring customer opinion reliably.
The Omnibus Surveys is also conducted in Jersey and Guernsey, giving access to public opinion across the Crown Dependencies.
The September survey showed 30% of those who responded felt less or much less confident about the immediate future of the Manx economy, while just 11% were more or much more confident.
The survey also showed more respondents felt not very confident or not confident at all (44%) about the Island’s medium-term economic prospects than felt confident or very confident (37%).
Confidence in government was the top reason for improved faith in the economy, while those who expressed concern blamed a lack of confidence in government and cuts in spending and budget in ‘the wrong areas’.
Recipients were invited to highlight three personal issues of concern and areas for improvement, which provoked a diverse range of responses.
Among 16 to 29-year-olds a perceived lack of things to do, cost of off-Island transport and the price of housing were all raised, as was the issue of cannabis legalisation. The cost and future of air links scored highly among older age groups, as did education and the cost of living. Benefits, immigration control, leisure facilities and the workings of government were also commented on.
The survey also asked recipients about how much leisure time they had during the week, and how they spend it. Most respondents said they enjoyed 11 to 20 free hours every week, with the majority of time spent watching television and films.
Chris Brock, CEO of Guernsey-based Island Analysis said: ‘Once again the Omnibus Survey has delivered a fascinating insight into how the Isle of Man people feel about the future. While there are reasons to be more confident in the economy than a year ago, it seems more people are losing confidence than gaining it.
‘The fact cuts in spending are seen as “in the wrong areas” suggests greater dialogue is needed between government and the public over how the budget is rebalanced.
‘We also asked about how people spent their leisure time, and the survey showed that, both during the week and at weekends, far less time is spent going out to enjoy local restaurants, bars, leisure facilities and live entertainment than watching TV, listening to the radio and reading. This may reflect a lack of confidence in the Island’s economy, as people feel uncomfortable spending money on themselves, which, of course, has implications for this sector.
‘However, the outlook is not bleak. More than half of respondents remains as confident about the economy in the short-term as did last year and the split between confident and not confident for the medium term is almost equal, so there is still a great deal of trust and belief in the Manx economy.’
The Omnibus Survey is used by private and public organisations as a valuable research tool. In addition to five profiling questions created by Island Analysis, organisations can request for specific questions to be included, either for an immediate one-off answer or as part of an ongoing longer-term project requiring regular feedback from customers.
Clients can include up to 20 bespoke questions, which Island Analysis can assist to structure, and choose a target audience, including which of the Crown Dependencies, or combination of islands, they would like to survey. The survey is distributed via email and results are delivered within two weeks.
Mr Brock said: ‘Island Analysis has built up its research expertise and reputation over a period of seven years, with clients drawn from public and private sectors in the Isle of Man, Jersey and Guernsey. We have a wealth of economic, social and environmental data and information available to us which can enhance any research data collected for a specific client.
‘Accurate sample management is crucial to the credibility of any survey and one of the major weaknesses of off-the-shelf online surveys is the lack of accurate sampling and generating the required number of respondents to have an acceptable margin of error.
‘The way the Omnibus Survey is conducted ensures that the sample achieved in each survey truly reflects the island population profile as a whole and that the required number of respondents is surveyed.’
For further details on how to subscribe to the Omnibus Survey or include your questions, call Isle of Man Advertising & PR on 01624 620440.
Photo - Chris Brock.