California News

California Consumer Sentiment Drops 22.4%

Daily Journal-

The Chapman-CMC California Consumer Sentiment Index (Index) fell in second quarter 2020, declining 22.4% from 82.6 in late March 2020 to 64.1 in late June, as the global pandemic kept most businesses closed for the bulk of the quarter. The survey was in the field from June 3 – June 19. This sharp drop follows a 14.7% decline in the first quarter, making for a 33.8% decline in the Index since the onset of Covid-19. The Index is generated by an alliance between Claremont McKenna College’s Lowe Institute and Chapman University.

“The decrease in sentiment since the onset of Covid-19 is broadly felt, with steep declines in every demographic group as California navigated a state-wide stay-at-home directive and shutdown of most businesses,” said Cameron Shelton, Director of the Lowe Institute of Political Economy and McMahon Family Associate Professor of Political Economy and Claremont McKenna College. “While this decline is across all demographics, there are a few groups that stand out as somewhat harder hit and a few groups that have endured less of a decline. For example, those at the upper end of the income scale have greater job security and more resources to cope with the effects of the shutdown.”

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