New Yorkers’ consumer confidence is high compared to Americans overall, found the latest Siena Poll.
The Siena College Research Institute (SCRI) found the state’s Index of Consumer Sentiment now stands at 70.8, up 9.1 points since the last measurement in the second quarter of 2022.
Tale of two states: NYC area drives up New York’s consumer sentiment overall
The consumer sentiment across the U.S. stands at 58 points, roughly 13 points below New York, found the poll.
SCRI Director Don Levy pointed out the New York City-area index is 19 points above upstate.
“New Yorkers’ collective sentiment continues to outpace the national rate driven by far greater optimism in the NYC area especially when looking to the future,” said Levy in a September 14 release.
Consumer sentiment in New York rebounded this quarter, though a “tale of two state persists,” he continued.
The poll also found that younger New Yorkers outpaced older residents by 22 points.
Even more divided were New York’s Democrats and Republicans.
The poll found Democrats were far more confident in the economy compared to Republicans. Democrats outpaced GOP consumer sentiment by 37 points.
Inflation and consumer trends in NY
Inflation is slowing, with New Yorkers planning to purchase “major consumer goods” at an increasing rate, said Levy.
Still, New Yorkers remain concerned about inflation, the study found.
Gas prices continue to be a concern for 69% of state residents, while 78% of New Yorkers are worried about the price of food.
“Particularly striking – 82% of Republicans, up from 73%, say that BOTH gas and food are seriously impacting their household finances,” Levy pointed out.
While the price of food and gas looms large on New Yorkers’ minds, major purchases were up in the third quarter.
Buying plans were up 14.0% (from 8.5%), major home improvements to 29.0% (from 24.5%), furniture to 29.4% (from 25.4%), consumer electronics to 47.0% (from 43.1%) and cars/trucks at 21.7% (from 18.5).
For more information on economic trends in New York, head to the SCRI’s website.
