The latest poll from the Siena College Research Institute (SCRI) shows that the New York State Index of Consumer Sentiment now stands at 72.3, up 1.5 points from the third quarter of 2022. This puts New York’s overall index at 12.6 points above the national index of 59.7. Both the current and future indexes in New York increased slightly, with the current index rising nearly 3 points to 66.7 and the future index increasing nearly 1 point to 75.9.
According to SCRI Director Don Levy, “Both New York’s and the nation’s consumer sentiment picked up ever so slightly over the fourth quarter with NY’s index continuing to outpace the country’s by nearly 13 points.” He added that demand for major consumer goods, such as cars and trucks, remains high in New York, with a 25% measurement, the highest since fall of 2019.
However, buying plans for certain goods did see a decrease in the fourth quarter of 2022. Major home improvement plans fell to 26.1% (from 29%), furniture to 28.4% (from 29.4%), consumer electronics to 44.8% (from 47%), and homes to 11.5% (from 14%).
In terms of financial impact, 66% of New Yorkers said that current gasoline prices are having a very serious or somewhat serious impact on their finances, down from 69% last quarter. Meanwhile, 79% of state residents said that the amount they spend on groceries is having a very serious or somewhat serious impact on their finances, up slightly from 78% last quarter.
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