Florida TaxWatch Analyzes Impact of COVID-19 on Consumer Confidence
Florida TaxWatch President and CEO Dominic M. Calabro said, “Throughout this tumultuous year, consumer confidence in Florida has seen significant declines, showing that buyers are increasingly weary and less optimistic on the state of our economy and its recovery. Florida TaxWatch’s analysis of data from the University of Florida’s Bureau of Economic and Business Research shows a striking disparity between the confidence levels of Floridians who make less than $50,000 versus those whose income rises above that level. As we continue to follow the recovery of our state and look to the holiday season, it will be important to monitor this trend as it is a strong indicator for consumer spending and economic activity.”
According to the University of Florida’s Consumer Sentiment Index, from February to April 2020, consumer confidence in Florida fell 26 points to a low score of 76.3, a record decline. While consumer confidence throughout the pandemic has varied widely when examined by gender and age, the most striking separation comes when analyzing differences according to income. Floridians with annual incomes greater than $50,000 displayed higher optimism, with overall confidence being 18 points higher than those with incomes below $50,000.
Read the full commentary here.
About Florida TaxWatch
As an independent, nonpartisan, nonprofit government watchdog and taxpayer research institute for more than forty years and the trusted eyes and ears of Florida taxpayers, Florida TaxWatch works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on citizens and businesses. Florida TaxWatch is supported by its membership via voluntary, tax-deductible donations and private grants, and does not accept government funding. Donations provide a solid, lasting foundation that has enabled Florida TaxWatch to bring about a more effective, responsive government that is more accountable to, and productive for, the citizens it serves since 1979. For more information, please visit www.floridataxwatch.org.