A recent poll from Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI) has revealed that Hispanics are feeling more optimistic about their finances and the economy, thanks to a declining unemployment rate among Hispanics. The Hispanic Consumer Sentiment Index (HCSI) increased to 85.3 in the first quarter of 2024, up from 76.3 in the fourth quarter of 2023.
The increase in optimism was seen across all five questions used to generate the HCSI. In particular, 59 percent of Hispanics reported feeling better off financially now compared to a year ago, a significant increase from 48 percent in the last quarter of 2023. Additionally, 71 percent of Hispanics believe they will be better off in the next year, up from 68 percent in the previous quarter.
In terms of economic outlook, 54 percent expect good business conditions in the year ahead, while 58 percent are optimistic about the long-run economic future. There has also been an increase in optimism regarding big purchases, with 41 percent of Hispanics thinking it is a good time to purchase major household items, compared to 38 percent in the previous quarter. Despite rising inflation rates, Hispanics are more positive about their personal finances due to the decreasing unemployment rate among Hispanics, which dropped from 4.9 percent to 3.7 percent from January to March according to the Bureau of Labor Statistics.
The survey was conducted between January 1 and March 31 and polled Hispanic adults with a margin of error of +/-4.63 percentage points. It was conducted using a combination of landline IVR data collection and online data collection using Dynata. The results were weighted to reflect the national distribution of the
