Consumer confidence among Floridians is rebounding according to analysis conducted by University of Florida researchers.
The most recent numbers from the school’s Bureau of Economic and Business Research, released this week, cover consumer confidence during November.
Prior research had shown the consumer confidence index falling two out the previous three months. But the November Florida Consumer Sentiment Index showed consumer confidence jumping 3.2 points on UF’s scale, from 96.1 to 99.3.
The scale is pegged to consumer confidence relative to 1966, which is used as the a baseline of “100.” Any number above 100 means consumer confidence is better than it was in 1966, whereas numbers below 100 indicate the opposite.
The overall number is derived from five separate components rating consumer confidence. The five categories used by UF to calculate consumer confidence are feelings about current personal finances, opinions on purchasing large household items, expectations of future personal finances, outlook on the national economy over the next year, and outlook on the national economy over the next five years.
Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research, said that the uptick was driven by older and male Floridians.
“Despite the divided views among younger and older Floridians, they’re overall more optimistic in November,” Sandoval said.
“The gain in November’s sentiment came from consumers’ future expectations about the national economy in the short-run. Remarkably, responses to this component are shared by all Floridians though men and Floridians whose income is above $50,000 reported stronger, more positive views.”
The November 2019 data also shows a year-over-year increase. The rating of 99.3 is up more than four points from Nov. 2018, where it sat at an even 95.0.
Sandoval also predicted the rise in consumer confidence will continue.
“Consumer sentiment in Florida remains high, and November’s reading is higher than the average of the last 12 months. Looking ahead to the coming months, in view of the realized economic outlook in Florida, we anticipate consumer sentiment to remain high,” Sandoval said.