Consumer confidence in Bermuda is at a 10-year low, according to the latest statistics released by the Bermuda Omnibus Survey.

The Consumer Confidence Index (CCI) has dropped from 100 in June 1998 to 64 in December 2008, reaching the lowest point recorded since in the survey was launched, just over a decade ago.

The quarterly study, which was conducted by Bermuda's Total Research Associates Ltd., found that consumer confidence has plummeted in the past quarter from 75 in September 2008 and 92 in December 2007, reflecting the current global economic conditions. The biggest dip previously was in September 2001.

Consumer confidence has fallen across all demographic breakdowns and the decline was most pronounced in the middle-aged category (35 to 54 years old), with non-Bermudians continue to report lower levels of confidence than Bermudians, although the gap between the two has diminished notably in the past quarter, the report stated.

Consistent with results of previous quarters, the survey said, there were significant variances in consumer confidence across racial lines, with lower levels of consumer confidence being much more prevalent among white residents than black ones (53 versus 75 respectively).

Of note, the study concluded, consumer confidence had declined in equal proportions throughout the races, resulting in a gap in confidence between the two, remaining consistent with the last quarter, while confidence was highest among black residents, those aged 18 to 34 and those in the lowest household income bracket (less than $50,000).

The survey was based on telephone interviews with a representative sample of 400 Bermudian residents conducted in early December. Its accuracy is estimated to within plus or minus 4.9 percent.