A person counts U.S. dollar banknotes. Photographer: Moe Zoyari/Bloomberg
A new poll from Florida Atlantic University has revealed that Hispanic consumers were more optimistic about the nation's economic outlook in the second quarter of 2023, as inflation continues to ease in the U.S.
FAU's Business and Economic Polling Initiative (FAU BEPI) reports that the Hispanic Consumer Sentiment Index (HCSI) rose to 83.4 in the second quarter -- up three points from the first quarter's 80.2.
This increase in Hispanic consumer confidence was seen in a survey conducted between April 1 and June 30, in which optimism rose in three out of five questions used to generate the HCSI.
51 percent of Hispanics said they believe the nation will experience good business conditions in the second quarter of this year, notably up from 47 percent in the first quarter's poll; however -- that number was still down from the 56 percent in the last quarter of 2022.
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As for the long-run economic outlook in the U.S., Hispanic optimism in 2023's second quarter was up to 54 percent -- from 53 percent in the last quarter of 2022, as well as up four points from 50 percent in 2023's first quarter.
When it came to large purchases like a refrigerator or television, 45 percent of Hispanics believed it was a good time to buy in the second quarter, compared to 37 percent in the first quarter.
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The two questions that did not see a rise in consumer confidence were about being better off financially -- 72 percent of Hispanics said they would be better off financially in the next year, down from 76 percent in the first quarter.
There was no change in the number of Hispanics who believed they were better off now, compared to a year ago -- remaining at 54 percent over both the first and second quarters of this year.
The Director of FAU BEPI in the College of Business commented on the findings.
“Overall, the upswing in optimism reflects a recovery in attitudes generated by the early-month resolution of the debt ceiling crisis, along with more positive feelings over softening inflation,” said Monica Escaleras, Ph.D.
Escaleras added, "Views of their own personal financial situation were unchanged, however, as persistent high prices and expenses continued to weigh on consumers.”
For FAU's full survey results -- click here.
