AbstractLocal economic decline has been presented as an explanation for populism, political alienation and geographic polarisation. This approach risks underestimating the complexity of observing local economic decline. Using original survey questions in the British Election Study, we theorise five models to explain who is likely to perceive local economic decline, and why. Using linked objective data, we analyse the relationship of perceptions to existing economic indicators, finding correspondence but also substantial and systematic variation driven by partisanship and heuristics, such as declining personal circumstances. These findings suggest that researchers should not equate objectively measured decline with homogeneous or direct effects of the local economy on vote choice, populist leanings, and localised discontent. There is value in establishing how voters reason about economic decline to both explain their choices and the way they are likely to respond to remedial policy measures.