According to the Florida Atlantic University Business and Economic Polling Initiative, Hispanic consumer confidence has rebounded as the nation comes into the holiday season. The Hispanic consumer confidence index has risen to 81.3, up from 73.4 in October, and is at its highest level since August when the index was first calculated.
The index rose due to improved personal finances and a more favorable outlook for businesses and the country as a whole, FAU BEPI stated.
The Current Conditions Index stood at 80.8 in November, up from 74.6 in October. The gain arose from more favorable buying plans for big-ticket items such as furniture, refrigerators, ovens or televisions by Hispanic consumers, FAU noted. Buying plans got a boost from large gains among younger and higher income Hispanics, the index pointed out.
The Expectations Index also rose in November to 81.6 from 72.9 in October. When asked about their perceptions of personal finances a year from now, 61.6% of Hispanic consumers surveyed expected better personal financial circumstances in 2015, up from 57% in October.
“This is good news for manufacturers, retailers and the economy as a whole as the nation enters the holiday shopping season,” said Monica Escaleras, director of FAU BEPI.
Where consumers polled live had an impact on their outlook. More Hispanic consumers in the Midwest, at 74%, and the West, 75%, reported that they are better off than a year ago compared with Hispanics in the South, at 55%, and the Northeast, at 33%.