Consumer sentiment among Republicans skyrocketed nearly 30% throughout the week following President-elect Donald Trump‘s reelection to the White House, according to data collected by the Morning Consult.
Election night also saw the stock market and cryptocurrency spike as investors frenzied over the reelection. Bitcoin met a milestone on Wednesday, surpassing $90,000 while it sat only at $70,000 on Nov. 5. The dollar also rose to its highest level since November 2022 following Trump’s victory.
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Some of Trump’s economic policies that intrigue Republicans include tariffs, his deportation operation, his plan to extend tax cuts that expire in 2025 as well as eliminating regulations for key U.S. industries. Such policies make the party divide unsurprising as voters made it clear that their thoughts on the economy would depend on which candidate took office.
While the survey’s data shows Republicans are feeling better about the economy than they have since Trump left office in 2021, Democrats are having the opposite reaction. Consumer sentiment among liberals has dropped 13% to its lowest point since 2023.
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Throughout President Joe Biden‘s term, consumer sentiment had been low despite recent encouraging reports of job growth, wage growth and lowering inflation rates. As more reports of a strengthening economy were released in 2024, consumer sentiment began to tick upwards. Yet, it was too late for Democrats to grab hold of the positive results.
As Biden’s presidency winds to a close, the economy will continue to be closely watched by voters preparing for a Trump presidency. Trump’s policy adjustments and announcements will also remain highly anticipated as some celebrate and others brace themselves for what is to come.