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Business Observer Monday, May 18, 2020 1 month ago

Florida's consumer confidence continues to slide

The year looked promising in January.

New Mexico — nicknamed the Land of Enchantment — holds quite the allure, it turns out, for people looking for hope during the coronavirus pandemic.

The state proves it in a new report from Morning Consult, a global data intelligence company. The report looks at consumer confidence metrics from March 10, when most of the lockdowns began in states nationwide, through the end of April. And New Mexico,  the report shows, had the smallest drop in consumer confidence. Nebraska, on the other hand, was the outlier the other way, with the steepest fall.

Florida, falling 28.3 points, was mostly in the middle.  The state had a  consumer confidence level of 115.2 on March 15, and was down to 86.9 by May 1. It had been as high as 119.1 at the beginning of 2020, among the top tier of states nationwide.

Another nugget from the survey is states in the south are “generally exhibiting higher levels of consumer confidence.” That finding, the report adds, is consistent with another Morning Consult report, which looked at the roles political parties and ideologies play in driving consumer confidence. “Republicans tend to be more confident in the economy than Democrats,” the report found. “Thus, the consumer confidence heat map at any one point in time closely mirrors the results of the 2016 Electoral College.”





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