The survey conducted by Middle Tennessee State University in Murfreesboro shows that consumer outlook has declined considerably since last December, from -93 to -198. The result comes as a surprise because Tennessee traditionally has one of the most positive consumer outlooks in the nation.
For illustration, the consumer outlook was 250 before the pandemic. War in Ukraine, pandemic and inflation worries are some of the main contributors to this trend.
MTSU Conducts the Study Four Times a Year
The College of Business of the Middle Tennessee State University in Murfreesboro conducts the surveys four times a year with at least 600 respondents statewide.The latest report from March indicates that the outlook among Tennessee consumers has plummeted to -198 from last December’s -93.
The main contributors to this trend, according to the responders, are rising average gas prices, inflation worries, Russian intervention in Ukraine, and general dissatisfaction with President Joe Biden.
The Results Came as a Surprise
In general, Tennessee was always one of the states with the most positive customer outlook.This is because the state has a very diversified and resourceful economy. But, according to Consumer Research Director Tim Graeff, this has changed.
In fact, they are more pessimistic than people in other states. The current data show that people are afraid for the future of the economy and will probably postpone non-essential purchases.