Morning Consult | American City Business Journals Metropolitan Consumer Sentiment Index: Q2 2025

The Metropolitan Consumer Sentiment Index (MCSI) is a first-of-its-kind quarterly dataset developed by Morning Consult in partnership with American City Business Journals. 

Tracking consumer confidence across 46 major U.S. metro areas, the MCSI offers local business leaders, policymakers, and institutions unprecedented insight into how national events and local conditions are shaping economic sentiment in the communities they serve. 

Learn more about the partnership and access the Q1 2025 results here. 

Key Takeaways from Q2 2025:

On the heels of unprecedented policy and economic uncertainty, consumer sentiment fell across virtually all major metro areas in the second quarter of 2025. The shock of Liberation Day prompted a stock market freefall, which was only reversed once tariffs were delayed or rolled back.

• For Q2 2025, the average quarterly change in the MCSI across all 47 metro areas was -3.3%.
• Consumer sentiment fell across 45 of 47 metro areas tracked in the second quarter. Buffalo-Cheektowaga, NY, and Denver-Aurora-Lakewood, CO, were the only two metro areas to report quarterly increases, albeit moderate.
• Urban Honolulu, HI, stood out as the clear loser in terms of sentiment, with the MCSI falling more than any other metro area (-13.5%). 

Looking ahead, the consumer sentiment at the national level has moved sideways for most of July, suggesting that most metro areas are likely to get a reprieve during the next readout. (Full report available via ACBJ platforms).

Powered by Morning Consult’s always-on survey engine, which conducts more than 5,000 daily interviews nationwide, the MCSI provides statistically robust, metro-specific insights based on a stratified sampling model that ensures representation across key demographics within each metropolitan statistical area (MSA).

To bring these insights directly to local business leaders, ACBJ will publish coverage of MCSI findings across all 40+ of its regional business publications, highlighting the local dynamics and implications for each metro’s economy.

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Morning Consult’s daily Index of Consumer Sentiment (ICS) is widely recognized as a leading real-time barometer of the economy, capturing how consumers perceive current and future conditions for both their personal finances and the broader business climate. The MCSI builds on this foundation by delivering the same speed and rigor at the local level — a capability unmatched in today’s market.

Methodology: Visit our methodology document for additional details on sampling and data collection procedures.