HPU Poll: North Carolina Consumer Sentiment Remains Low
Published March 17, 2022
In the latest High Point University Consumer Sentiment Index, North Carolinians’ opinions about the economy and their personal finances remain low. The newest index, based on the February 2022 HPU Poll data, is recorded at 67.3. That number is lower than a February 2021 HPU Poll.
The HPU Poll’s measure of consumer sentiment is an index that comprises five separate questions asking respondents about different aspects of how they view the U.S. economy and their own personal finances.
“The HPU Poll tracks how North Carolinians feel about their own finances and the current economic climate,” says Brian McDonald, associate director of the HPU Poll and adjunct instructor. “The most recent HPU Poll compared the findings to a year ago, which indicates that consumer sentiment in North Carolina remains low.”
Findings for the individual questions show why the overall index fluctuates year to year, but has remained low, reflecting pessimism among consumers.
February 2022 Index Results:
– 38% of North Carolina residents said they are worse off financially than they were a year ago, compared to 29% of respondents in February 2021.
– 26% of North Carolinians believe they will be worse off financially a year from now, compared to 22% of respondents in February 2021.
– 33% of respondents said they expect bad business conditions in the next 12 months. In February 2021, that number was 34%.
– 34% of respondents said that during the next five years or so, the country will have periods of widespread unemployment or depression.
– 39% of North Carolina residents said now is a bad time to make a major household purchase, compared to 32% in February 2021.
“Supply chain disruptions, astronomical housing prices and inflation are lowering consumer sentiment,” says Dr. Daniel Hall, interim dean and associate professor of economics in the Phillips School of Business. “Consumer sentiment is likely to stay low in anticipation of a recession resulting from the Federal Reserve Bank’s actions to address inflation with monetary tightening through targeting of higher interest rates.”
Current Finances – All Adults
We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?
February 2022
Better Off – 24%
Worse Off – 38%
Same/Neither – 36%
Don’t know/Refused – 2%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 11 – Feb. 24, 2022, n = 848 and credibility interval is +/- 3.6%)
February 2021
Better Off – 24%
Worse Off – 29%
Same/Neither – 44%
Don’t know/Refused – 3%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 12 – Feb. 26, 2021, n = 854 and credibility interval is +/- 3.7%)
Future Finances – All Adults
Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now.
February 2022
Better Off – 32%
Worse Off – 26%
About the same – 35%
Don’t know/Refused – 8%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 11 – Feb. 24, 2022, n = 848 and credibility interval is +/- 3.6%)
February 2021
Better Off – 32%
Worse Off – 22%
About the same – 38%
Don’t know/Refused – 7%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 12 – Feb. 26, 2021, n = 854 and credibility interval is +/- 3.7%)
Business Conditions – All Adults
Now turning to business conditions in the country as a whole, do you think that during the next 12 months we’ll have good times financially, or bad times, or what?
February 2022
Good Times – 19%
Bad Times – 33%
Neither – 27%
Good times with qualifications – 8%
Bad times with qualifications – 7%
Don’t know/Refused – 7%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 11 – Feb. 24, 2022, n = 848 and credibility interval is +/- 3.6%)
February 2021
Good Times – 20%
Bad Times – 34%
Neither – 24%
Good times with qualifications – 11%
Bad times with qualifications – 5%
Don’t know/Refused – 7%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 12 – Feb. 26, 2021, n = 854 and credibility interval is +/- 3.7%)
Country Future – All Adults
Looking ahead, which would you say is more likely, that in the country as a whole we’ll have continuous good times during the next five years or so, or that we have periods of widespread unemployment or depression, or what?
February 2022
Widespread unemployment or depression – 34%
Continuous good times – 15%
Neither/Mix of both – 45%
Don’t know/Refused – 6%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 11 – Feb. 24, 2022, n = 848 and credibility interval is +/- 3.6%)
February 2021
Widespread unemployment or depression – 37%
Continuous good times – 18%
Neither/Mix of both – 39%
Don’t know/Refused – 7%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 12 – Feb. 26, 2021, n = 854 and credibility interval is +/- 3.7%)
Major Purchases – All Adults
About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good time or bad time for people to buy major household items?
February 2022
Good time – 21%
Bad time – 39%
Neither – 33%
Don’t know/Refused – 8%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 11 – Feb. 24, 2022, n = 848 and credibility interval is +/- 3.6%)
February 2021
Good time – 29%
Bad time – 32%
Neither – 32%
Don’t know/Refused – 8%
(Telephone and online interviews with North Carolina residents, surveyed Feb. 12 – Feb. 26, 2021, n = 854 and credibility interval is +/- 3.7%)
The most recent HPU Poll was fielded by live interviewers at the High Point University Survey Research Center calling on Feb. 11 through Feb. 24, 2022, and an online survey was fielded at the same time.
