A new poll from the Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI) shows that Hispanics are feeling more optimistic about their finances and the economy. The Hispanic Consumer Sentiment Index (HCSI) increased to 85.3 in the first quarter of the year, up from 76.3 in the previous quarter. This uptick in optimism was seen across all five questions used to generate the HCSI.
Specifically, 59 percent of Hispanics indicated that they were better off financially now compared to a year ago, which is an increase from 48 percent in the previous quarter. Additionally, 71 percent of Hispanics feel that they will be better off financially in the next year, compared to 68 percent in the previous quarter. In terms of the short-term economic outlook, 54 percent of Hispanics believe that the country will have good business conditions in the year ahead, up from 49 percent.
Looking at the long-run economic outlook, 58 percent of Hispanics are feeling optimistic, up from 49 percent in the previous quarter. The survey also showed an increase in the number of Hispanics who believe it is a good time to purchase major household items, with 41 percent feeling positive about making big purchases compared to 38 percent in the previous quarter.
Monica Escaleras, Ph.D., director of BEPI in the College of Business, commented on the findings, stating, “Despite the recent rise in inflation, Hispanics are increasingly positive about their personal finances due to the declining unemployment rate among Hispanics.” The survey was conducted between January 1 and March 31 among a sample of Hispanic adults. The margin of error is +/-4.63 percentage points, with data collected via landlines through IVR and online using Dynata. The results were weighted to reflect the national distribution of the Hispanic population based on education, gender, age, and income.