Meanwhile, the high inflation of the last couple of years and the toll that has taken on perceptions of financial well-being stood out as clear concerns that also steered voters toward Trump.
More than half of voters said inflation had caused them a moderate hardship in the last year, while nearly one in four said it had caused a severe hardship. Those saying it had caused a moderate difficulty leaned somewhat more to Trump, 50% to 47%, but 73% of those calling it a severe hardship voted for the former president. Edison’s exit polling data showed 45% of voters across the country said their family’s financial situation was worse today than four years ago, compared with just 20% in 2020. Those voters favored Trump over Harris 80% to 17%. The results dovetail with surveys that have shown consumers giving the economy poor ratings even though unemployment is near historic lows, growth overall has been largely above trend, consumer spending remains robust, and overall household wealth is at a record high.
The University of Michigan’s twice-monthly Consumer Sentiment Index, for instance, plunged to a record low in the summer of 2022 when inflation as measured by the Consumer Price Index peaked at 9.1% year-over-year – the highest since the early 1980s.
While it has improved in the two years since as stiff interest rate increases by the Federal Reserve have brought inflation back to near the central bank’s 2% target, sentiment remains well below the levels that prevailed during Trump’s first term from 2017 to 2021.
