2017 Hispanic Index of Consumer Sentiment
Hispanic Consumer Confidence and the Economy
First Quarter 2017
HISPANICS DOING WELL IN CURRENT ECONOMY, CONCERNED ABOUT FUTURE
A new quarterly Hispanic Consumer Sentiment Index put out by the Business and Economics Polling Initiative scores the Hispanic population at 89.9, which is down about 10 points from the end of December (99.6) and down 7 points when compared to the general population score of 96.9 as published by the University of Michigan.
Driving this weakness in Hispanic consumer sentiment was due to pessimistic views that the country as a whole will face bad time financially over the next five years. When asked about the country on the whole for the next five years, 57% said they expect bad times financially. Interestingly, Hispanics see Business conditions as good for the next year 57% to 43%.
Overall 68% of Hispanics say they are better off financially than they were 1 year ago and 60% say they will be better off over the next year as well. The majority of Hispanics don’t see the economy changing much with 54% saying it will stay the same and 30% say it is getting better while 16% say it is getting worse. Hispanics also think it is a good time for buying a big item for their home at 69% and think it is a good time to buy a car at 54% but 46% said it was a good time to buy a house.
Debt is a major problem for 36% of Hispanics and a minor problem for an additional 30%. Thirty-four percent (34%) said debt was not a problem at all.
When it comes to their current cost of living 57% said it has gone up while 6% said it has gone down, 37% said it has stayed the same. Hispanics are expecting the price of gas to go up at 63% while 9% think it will go down and they also expect interest rates to go up at 52% while 19% said they think they will go down. Twenty-nine percent (29%) expect both gas prices and interest rates to stay the same.
The poll is based on a random sample of Hispanic adults, 18 years of age and older. The survey was administered using both landlines via IVR data collection (44%) and online data collection (56%) using Survey Sampling International SSI. There were 500 respondents sampled between January 1 and March 31, 2017 and a credibility interval, a measure of accuracy, of 4.3 percentage points. Responses for the entire sample were weighted to reflect the national distribution of the Hispanic population by region, education, gender, income and age according to latest American Community Survey data.