Hispanic Index of Consumer Sentiment

Second Quarter 2023

HISPANICS MORE OPTIMISTIC OF THE ECONOMIC OUTLOOK IN THE NATION

The Hispanic Consumer Sentiment Index (HCSI) in the second quarter of 2023 finds that the Hispanic population’s consumer confidence in the U.S. has slightly increased compared to the first quarter. Specifically, the Hispanic Consumer Sentiment Index (HCSI) increased from 80.2 in the first quarter of 2023 to 83.4 in the second quarter.

Overall, there is an increase in optimism in three out of the five questions used to generate the Hispanic Consumer Sentiment Index. Below are the detailed results:

• In the second quarter of 2023, 54% of Hispanics said they are better off financially than a year ago which remained the same as in the first quarter and 56% in the last quarter of 2022.

• In the second quarter of 2023, 72% of Hispanics are more optimistic of their future financial situation compared to 76% in the first quarter and 72% in the last quarter of 2022.

• Regarding the short run economic outlook of the country, 51% of Hispanics said they expect the country as a whole to experience good business conditions in the upcoming year compared to 47% in the first quarter and 56% in the last quarter of 2022.

• In terms of long run economic outlook of the country, 54% of Hispanics are less optimistic year compared to 50% in the first quarter and 54% in the last quarter of 2022.

• In the second quarter of 2021, 45% percent of Hispanics think it is good time to buy big- ticket items compared to 37% percent in the first quarter and 45% in the last quarter of 2022.

Other key findings:

• Cost of living: 83% of Hispanics said the cost of living has gone up compared to 80% in the previous quarter and 78% in the last quarter of 2022.
   
• Buying a house: 39% of Hispanics think it is good time to buy a house compared to 41% in the in the previous quarter and 37% in the last quarter of 2022.
   

• Buying a Car: 44% of Hispanics think it is a good time to buy a car compared to 45% in the previous quarter and 42% in the last quarter of 2022. 

The survey is based on a panel sample of Hispanic adults, 18 years of age and older. The survey was administered using both landlines via IVR data collection and online data collection using Dynata. There were 493 respondents sampled between April 1 and June 30, 2023 with a margin of error of +/-4.68 percentage points. Responses for the entire sample were weighted to reflect the national distribution of the Hispanic population by region, education, gender, age and income according to latest American Community Survey data.

First Quarter 2023

TOPLINESRESULTSPRESS RELEASE

HISPANIC CONSUMERS WARY AT START OF 2023

Respondents Worried About the Economy, but Personal Finances Offer Hope

• In the first quarter of 2023, 54% of Hispanics said they are better off financially than a year ago, which is 2 percentage points (59%)lower than last quarter of 2022.
   
• In the first quarter of 2023, 76% of Hispanics indicated they will be better off over the next year compared to 72% in the last quarter of 2022.
   
• Regarding the short run economic outlook of the country, 47% of Hispanics said they expect the country as a whole to experience good business conditions in the upcoming year compared to 56% in the fourth quarter of 2022.
   
• In terms of long run economic outlook of the country, Hispanics are slightly less optimistic in the first quarter of 2023 compared to the fourth quarter of 2021 (50% vs. 53%).
   

• In the first quarter of 2022, 37% percent of Hispanics think it is a good time to buy big ticket items compared to 45% percent in the fourth quarter of 2021.

Other key findings:

• Buying a house: 41% of Hispanics think it is a good time to buy a house compared to 37% in the last quarter of 2022.
   
• Buying a Car: 45% of Hispanics think it is a good time to buy a car compared to 42% in the last quarter of 2022.
   
• Cost of living: 80% of Hispanics said the cost of living has gone up compared to 78% in the last quarter of 2022.

The poll is based on a panel sample of Hispanic adults, 18 years of age and older. The survey was administered using both landlines via IVR data collection and online data collection using Dynata. There were 444 respondents sampled between January 1 and March 31, 2023 and a margin of error of +/- 4.65 percentage points. Responses for the entire sample were weighted to reflect the national distribution of the Hispanic population by region, education, gender, age and income according to latest American Community Survey data.