FAU Poll: Hispanics Consumer Confidence Stronger Heading into 2024
Hispanics are feeling more optimistic about their financial situations heading into the new year, despite facing a year of rising costs, according to a poll released by the Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI).
Hispanics are feeling more optimistic about their financial situations heading into the new year, despite facing a year of rising costs, according to a poll released by the Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI).
The Hispanic Consumer Sentiment Index (HCSI) increased to 76.3 in the fourth quarter of 2023, up from 74.7 in the third quarter of last year. The HCSI was lower in the fourth quarter than in the first quarter of 2023 (80.2).
More Hispanics believe they are better off financially now than a year ago: 48 percent in the fourth quarter, up from 44 percent in the third quarter.
Regarding their future financial situation, 68 percent of Hispanics were optimistic, compared to 65 percent in the third quarter.
Forty-nine percent of Hispanics believe the country will experience good business conditions in the year ahead, unchanged from the previous quarter.
For the long run economic look at the country, 49 percent of Hispanics said they had a positive outlook on the country’s economy in the next five years, a slight decrease from 51 percent in the third quarter.
Most likely due to the cost of financing, the majority of Hispanics polled do not think it’s a good time to buy a big-ticket item such as a house or car. Only 38 percent believe it’s a good time, a sharp decrease from 52 percent in the third quarter.
“While there was a slight uptick in the consumer sentiment index during the fourth quarter, individuals remain cautious about the December surge in inflation. In particular, consumers are facing higher prices in energy, food and shelter. The impact of these price increases is particularly noticeable for low- and middle-income families, as they allocate a larger share of their income to essential expenses,” said Monica Escaleras, Ph.D., director of BEPI in the College of Business.
The survey was conducted between Oct. 1 and Dec. 31, 2023, polling a sample of Hispanic adults. The margin of error is +/-4.62 percentage points. It was administered using both landlines via IVR data collection and online data collection using Dynata. Responses for the entire sample were weighted to reflect the national distribution of the Hispanic population by education, gender, age and income according to latest American Community Survey data. The results and full cross-tabulations are here.
-FAU-
Latest Research
- FAU Announces Winners of 2024 'Three Minute Thesis (3MT®) Competition'Florida Atlantic University has announced the winners of the eighth annual Three Minute Thesis (3MT®) Competition hosted by the Graduate College
- Study Unveils Balance of AI and Preserving Humanity in Health CareCross Country Healthcare and FAU's Christine E. Lynn College of Nursing have launched the fourth annual Future of Nursing Survey that reveals nursing perspectives on AI and compassionate care.
- FAU Awarded Grant to Examine Role of Pet Dogs on Military AdolescentsFAU nursing researchers will investigate pet dog ownership on adolescent resilience and well-being to counter the effects of military-specific stressors and promote positive outcomes.
- FAU Researcher Earns Top Award for Marine Natural ProductsAmy Wright, Ph.D., research professor at FAU Harbor Branch Oceanographic Institute, received the Paul J. Scheuer Award in Marine Natural Products, considered the foremost accolade in the field.
- FAU/Mainstreet Research Florida Poll Shows Trump Holds Lead Over BidenFormer U.S. President Donald Trump continues to maintain a formidable lead over U.S. President Joe Biden among Florida voters
- Hispanic Consumer Index Finds More Optimism About Finances, EconomyHispanics were more optimistic about their finances and the economy due to the declining unemployment rate among Hispanics, a new poll from FAU BEPI shows.