Consumer Sentiment in Florida dropped for the second straight month, down to 78.1.
The figures from the University of Florida stand in line with national sentiment, which fell by 7.7 points.
“The decline in sentiment was observed across all demographics, but it was particularly pronounced among Floridians with an annual income over $50,000. This pessimism stems from reduced spending intentions and concerns about future economic conditions. The last time consumer confidence dropped by more than 6 points was in 2020, when economic conditions worsened as the pandemic took hold,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
The national numbers are even worse, according to the Index of Consumer Sentiment.
The most recent numbers show Americans haven’t worried about the economy like this since the Great Recession of 2009.
Experts expect the concerns to continue for the coming months.
“Looking ahead, the sharp decline in spending intentions, combined with pessimistic expectations about future economic conditions, suggests that Floridians are bracing for economic uncertainty. They are anticipating challenges and are likely adopting more cautious financial behaviors. We expect consumer sentiment to remain weak in the coming months as this uncertainty persists,” said Sandoval.
