Florida consumers grow more cautious about spending
Florida consumer sentiment fell to its lowest level since December 2023 as residents grew more concerned about their finances, the economy and major purchases.
Floridians are feeling less confident about their finances and increasingly hesitant to make major purchases, a shift that could lead homebuyers to take an even closer look at the full cost of moving.
Florida’s consumer sentiment index fell 2.1 points in July to 69.3, down from a revised 71.4 in June, according to the University of Florida’s Bureau of Economic and Business Research. It was the fifth consecutive monthly decline and the state’s lowest reading since December 2023. National consumer sentiment increased during the month.
The index has dropped nearly 10 points since reaching 79.1 in February. All five components used to measure sentiment declined in July.
Among the findings:
- Floridians’ assessment of their current finances compared with a year ago fell 1.7 points to 63.5.
- Their willingness to buy a big-ticket item, such as furniture or an appliance, declined 1.8 points to 61.8.
- Expectations for personal finances one year from now recorded the steepest drop, falling 3.8 points to 80.1.
- Expectations for the national economy also declined over both the one-year and five-year outlooks.
The pullback in major-purchase confidence may matter throughout the homebuying process. Households already weighing mortgage payments, property insurance and repairs may also be paying closer attention to moving expenses and the cost of furnishing a new home.
“With July’s decline, consumer sentiment has reached its lowest reading since December 2023, following five consecutive months of deterioration,” said Hector H. Sandoval, director of UF’s Economic Analysis Program. He said inflation and continued pressure on household budgets have contributed to the decline.
Confidence varied considerably by income. The overall sentiment reading was 57.7 among Floridians earning less than $50,000, compared with 74.2 among those earning $50,000 or more. Lower-income residents also reported substantially weaker views of their current finances.
Sandoval said households remain cautious as they navigate elevated prices, relatively high borrowing costs and a more difficult job market. Confidence could improve if inflation continues to ease and Florida’s labor market stabilizes, but renewed Middle East tensions could place additional pressure on energy prices and household budgets.
The survey was conducted from June 1 through July 30 and included responses from 478 Florida residents reached by cellphone.
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